DIRECTORS' REVIEW
We are pleased to present un-audited financial results of the Company for third quarter ended September 30, 2024.
FINANCIAL RESULTS
Nine Months Ended | Three Months Ended | ||||
Sep 30, | Sep 30, | Sep 30, | Sep 30, | ||
2024 | 2023 | 2024 | 2023 | ||
Net Sales | (Rs Million) | 50,317 | 49,369 | 16,690 | 15,478 |
Net Income after Tax | (Rs Million) | 5,565 | 5,563 | 1,855 | 1,346 |
Earnings Per Share | (Rupees) | 602.51 | 602.24 | 200.78 | 145.77 |
Pakistan's economy has shown resilience in the face of ongoing challenges. Easing inflation, increased remittances, stable PKR and decrease in policy rate provide reasons for optimism. However, the ongoing political uncertainty continues to weigh on business confidence and sentiment. Additionally, the high cost of doing business, particularly energy prices, has significantly impacted consumer buying power, affecting various sectors of the economy.
Despite challenges, our company has demonstrated resilience and adaptability. Throughout the period, company remained vigilant in converting the challenges into opportunities. We have achieved consistent sales volume growth and improved profitability compared to the last year, thanks to our team's dedication and effective strategies.
BUSINESS REVIEW
Our company performed well during the first nine months of 2024. Our export business has been a key driver of growth, delivering high double-digit net sales growth as we continue to explore new markets and strengthen relationships with existing customers. This has contributed significantly to our overall growth and diversification strategy.
Despite a challenging consumer environment in domestic market, our food and industrial business has maintained stable volumes. This reflects the strength of our brands and our effective engagement with customers through strategic initiatives aimed at driving growth.
Our Animal Health Business has delivered sustained growth, driven by improved quality control management, process improvements, pricing adjustments, and partnerships with large dairy farms.
We are committed in driving growth, improving profitability, and creating value for our stakeholders.
Future Outlook
While the near-term economic and political outlook remains challenging, we are confident in our ability to navigate through and deliver a strong performance in 2024. With a strong corporate image, a commitment to excellence, and a dedicated team, we are well-prepared to meet further challenges head- on.
ACKNOWLEDGEMENT
The management would like to thank our esteemed customers, who are the most valued asset of the Company, for their loyalty and trust. We also recognize the continued support of our shareholders, bankers, suppliers, and our employees, who always work with full dedication and commitment to deliver exceptional and innovative services to all our business partners.
May Allah give us the courage to face the challenges ahead. Ameen
On behalf of the Board
Adil Saeed Khan | Humair Ijaz |
Chief Financial Officer | Chief Executive & |
Managing Director |
October 24, 2024
IMPORTANT NOTES TO SHAREHOLDERS
Please go through the following notes. It will be appreciated if you please respond to your relevant portion at the earliest -
CNIC No.
Members are requested to submit a copy of their valid CNIC (only physical shareholders), if not already provided to the Shares Registrar of the Company. Corporate account holders should submit National Tax Number, if not yet submitted. In case of non-submission of CNIC/NTN Certificate (copy), all future dividend warrants will be withheld.
Dividend Mandate/E-Dividend
In accordance with the provisions of Section 242 of the Companies Act, 2017, a listed company, is required to pay cash dividend to the shareholders ONLY through electronic mode directly into the bank account designated by the entitled shareholders.
In order to receive dividends directly into their bank account, shareholders are requested to fill in Dividend Mandate Request Form available at Company's website www.rafhanmaize.comand send it duly signed along with copy of CNIC to the Shares Registrar of the Company, in case of physical shares. In case the shares are held in CDC, then the Form must be submitted directly to shareholder's broker/participant/CDC Account Services.
In case of non-receipt of the above information, the Company will be constrained to withhold payment of dividend to such shareholders.
Transmission of Annual Audited Financial Statements via QR enabled code
Securities & Exchange Commission of Pakistan (SECP) vide its SRO No.389(1)/2023 dated March 21, 2023 has allowed companies to circulate the annual audited financial statements to its members through QR enabled code and weblink instead of through CD/DVD/USB. the same was approved by the shareholders In Company's Annual General Meeting held on April 27, 2023.
Annual Financial Statements of the Company for the financial year ended December 31, 2023 have been placed on the Company's website which can be accessed/downloaded from the following weblink/QR code: https://rafhanmaize.com/wp-content/uploads/2024/04/Annual-Report-2023.pdf
However, shareholders who wish to receive the hard copy of Annual Audited Financial Statements along with notice of general meeting shall have to fill the request form which is available at Company's website www.rafhanmaize.comand send it to our Shares Registrar or Company Secretary at their respective mailing addresses given at the end of these notes.
Unclaimed Shares/Unpaid Dividend
In compliance of Section 244 of the Companies Act 2017, a Final Notice was given by the Company on March 27, 2018 that the shares of Rafhan Maize Products Co. Ltd./dividend declared by the Company, details whereof are appearing on the Company's website www.rafhanmaize.comhave remained unclaimed or unpaid for a period of three years from the date these have become due and payable. In case of non-receipt of any claim is by the respective shareholders to above referred Final Notice, the
company shall proceed to deposit the unclaimed/unpaid amount with the Federal Government pursuant to the provisions of sub-section 2 of section 244 of the Companies Act 2017.
Deduction of Income Tax from Dividend under Section 150
Pursuant to the provisions of the Finance Act, 2019, effective July 1, 2019, the rates of deduction of withholding tax from dividend payments under the Income Tax Ordinance have been revised as under:
For filers of income tax returns
For non-filers of income tax returns
15%
30%
To enable the Company to make tax deduction on the amount of cash dividend @15% instead of 30%, all the shareholders whose names are not entered into the Active Taxpayers List (ATL) provided on the website of FBR, despite the fact that they are filers, are advised to make sure that their names are entered into ATL before the date for payment of any future cash dividend otherwise tax on their cash dividend will be deducted @30% instead of 15%.
Further, according to clarification received from Federal Board of Revenue (FBR), withholding tax will be determined separately on 'Filer/Non-Filer' status of Principal shareholder as well as Joint-holder(s) based on their shareholding proportions, in case of joint accounts.
In this regard, all shareholders who hold shares jointly are requested to provide shareholding proportions of Principal shareholder and Joint-holder(s) in respect of shares held by them, if not provided yet, to our Shares Registrar at the earliest, in writing as follows, otherwise it will be assumed that shares are equally held:
Company Name | Folio/CDS | Total | Principal Shareholder | Joint Shareholder | ||
A/C # | Shares | Name & | Shareholding | Name & | Shareholding | |
CNIC # | Proportion | CNIC # | Proportion | |||
(No. of Shares) | (No. of Shares) | |||||
In another clarification by Federal Board of Revenue, valid tax exemption certificate for claim of exemption U/S 150, 151 and 233 of the Income Tax Ordinance, 2001 is required where statutory exemption under Clause 47B of Part-IV of the Second Schedule is available. Such certificate U/S 159(1) of the Income Tax Ordinance, 2001 issued by concerned Commissioner of Inland Revenue is to be produced to avail tax exemption.
For any query/problem/information, the investors may contact the Company and/or the Shares Registrar at the phone numbers/e-mail addresses given at the end of these notes.
The corporate shareholders having CDC accounts are required to have their National Tax Number (NTN) updated with their respective participants, whereas corporate physical shareholders should send a copy of their NTN certificate to the Company or its Shares Registrar M/s FAMCO Associates (Pvt.) Ltd. The shareholders while sending NTN or NTN certificates, as the case may be, must quote Company name and their respective folio numbers.
Centralized Cash Dividend Register (CCDR)
Central Depository Company (CDC) has developed Centralized Cash Dividend Register (CCDR), an eServices web portal which would incorporate details pertaining to cash dividends paid, unpaid or withheld by listed companies. The CCDR will help to maintain history of dividends paid to shareholders by listed companies and access of all such information will be provided to the respective shareholders. The web portal will facilitate shareholders of listed companies in retrieving details of cash dividends from the centralized register and using the same for their record purposes.
You may access CCDR via https://eservices.cdcaccess.com.pk.In addition, the Dividend / Zakat & Tax Deduction Report can also be obtained directly from your Participant (stock broker) which has been provided to them on their CDS terminals. Moreover, you will also receive a copy of this report on your provided/registered e-mail addresses.
Deposit of Physical Certificate in CDC Account:
As per Section 72 of Companies Act, 2017, every listed company shall be required to replace its physical certificates with book-entry form in a manner as may be specified and from the date notified by the commission, within a period not exceeding four years from the commencement of this Act.
The Shareholder having physical shares are encouraged to open the CDC sub-account with any of the brokers or investor Account directly with CDC to place their physical certificates into scripless form.
Consent for Video Conference Facility
Members can also avail video conference facility at Lahore and Karachi. In this regard, please fill the following request and submit to registered address of the Company 10 days before holding of general meeting.
If the company receives consent from members holding in aggregate 10% or more shareholding residing at a geographical location, to participate in the meeting through video conference at least 10 days prior to date of meeting, the company will arrange video conference facility in that city subject to availability of such facility in that city.
The Company will intimate members regarding venue of video conference facility at least 5 days before the date of general meeting along with complete information necessary to enable them to access such facility.
I/We, _____________________ of _______________ being a member of Rafhan Maize Products
Co. Ltd., holder of ________ Ordinary Shares as per Registered Folio No.___________ hereby opt
for video conference facility at ____________.
___________________ | |||
Signature of Member | |||
Company Contact: | Shares Registrar: | ||
Mr. Mustafa Kamal Zuberi | Mr. Nadeem Amjad | ||
Chief Legal Officer & Company Secretary | M/s FAMCO Share Registration Services (Pvt.) Ltd. | ||
Rafhan Maize Products Co. Limited, | 8-F, Near Hotel Faran, Nursery, | ||
Rakh Canal East Road, Faisalabad. | Block-6, PECHS, Shahrah-e-Faisal, Karachi. | ||
Tel.No.041-8540121 - Ext.226 & 348 | Tel. No. 021-34380101-05 & 34384621-23 (Ext.104) | ||
E-mail:corporate@rafhanmaize.com | E-mail: info.shares@famcosrs.com |
Rafhan Maize Products Company Limited
Condensed Interim Statement of Financial Position (Un-audited)
As at 30 September 2024
Note | |
Non-current assets | |
Property, plant and equipment | 5 |
Employees retirement benefits | |
Long term loans | |
Long term deposits | |
Current assets | |
Stores and spares | |
Stock in trade | |
Trade debts | |
Loans and advances | |
Short term prepayments | |
Other receivables | |
Short term investments | |
Cash and bank balances | |
Current liabilities | |
Current portion of long term financing | |
Current portion of deferred income | |
Short term financing - secured | |
Contract liabilities | |
Trade and other payables | |
Current portion of lease liability | |
Unpaid dividend | |
Unclaimed dividend | |
Mark up accrued on short term running finances | |
Provision for taxation - net | |
Working capital | |
Total capital employed | |
Non-current liabilities | |
Long term financing - secured | |
Deferred income | |
Lease liability | |
Deferred taxation | |
Net capital employed | |
Represented by: | |
Share capital and reserves | |
Share capital | |
Reserves | |
Contingencies and commitments | 6 |
(Un-audited) | (Audited) | ||||
30 September | 31 December | ||||
2024 | 2023 | ||||
------(Rupees in thousands)------ | |||||
9,463,595 | 8,717,913 | ||||
643,739 | 607,536 | ||||
717 | 1,369 | ||||
41,123 | 39,958 | ||||
10,149,174 | 9,366,776 | ||||
1,686,678 | 1,444,051 | ||||
24,541,564 | 24,898,647 | ||||
3,387,547 | 2,924,399 | ||||
184,705 | 127,667 | ||||
371,980 | 383,166 | ||||
28,539 | 106,972 | ||||
1,720,792 | 5,398,811 | ||||
1,525,137 | 6,637,014 | ||||
33,446,942 | 41,920,727 | ||||
90,350 | 44,370 | ||||
20,087 | 19,541 | ||||
3,522,665 | 5,991,919 | ||||
1,478,293 | 661,686 | ||||
8,940,772 | 17,249,842 | ||||
11,653 | 5,114 | ||||
611,080 | 1,658,375 | ||||
23,724 | 25,802 | ||||
99,274 | 131,871 | ||||
742,833 | 620,467 | ||||
15,540,731 | 26,408,987 | ||||
17,906,211 | 15,511,740 | ||||
28,055,385 | 24,878,516 | ||||
411,400 | 341,217 | ||||
79,112 | 94,754 | ||||
6,171 | 10,873 | ||||
1,496,733 | 1,394,689 | ||||
26,061,969 | 23,036,983 | ||||
92,364 | 92,364 | ||||
25,969,605 | 22,944,619 | ||||
26,061,969 | 23,036,983 | ||||
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
Adil Saeed Khan | Humair Ijaz | Zulfikar Mannoo |
Chief Financial Officer | Chief Executive & | Director |
Managing Director |
Page No.1
Rafhan Maize Products Company Limited
Condensed Interim Statement of Profit or Loss (Un-audited)
For the nine months period ended 30 September 2024
Note |
Nine months ended (Un- | Three months ended | |||
audited) | (Un-audited) | |||
30 Sep | 30 Sep | 30 Sep | 30 Sep | |
2024 | 2023 | 2024 | 2023 | |
-------------------------------- | (Rupees in thousands) | --------------------------- |
Revenue | 7 |
Cost of sales | 8 |
Gross profit | |
Distribution expenses | |
Administrative expenses | |
Impairment gain / (loss) on financial assets | |
Other income | 9 |
Other expenses |
Operating profit
Finance cost
Profit before taxation
Taxation
Profit after taxation
50,317,285
(39,592,351)
10,724,934
(630,927)
(1,137,511)
1,625
1,016,378
(629,987)
(1,380,422)
9,344,512
(539,174)
8,805,338
(3,240,335)
5,565,003
49,369,344
(37,656,283)
11,713,061
(607,583)
(1,040,149)
(624)
1,147,681
(750,362)
(1,251,037)
10,462,024
(388,618)
10,073,406
(4,510,859)
5,562,547
16,689,790
(12,859,913)
3,829,877
(189,033)
(389,165)
2,636
175,916
(218,791)
(618,437)
3,211,440
(187,936)
3,023,504
(1,168,985)
1,854,519
15,477,672
(12,582,662)
2,895,010
(213,412)
(375,770)
(124)
243,381
(165,315)
(511,240)
2,383,770
(224,405)
2,159,365
(812,990)
1,346,375
Earnings per share - basic and diluted (Rupees)
602.51 | 602.24 | 200.78 | 145.77 | |||
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
__________________ | ||
Adil Saeed Khan | Humair Ijaz | Zulfikar Mannoo |
Chief Financial Officer | Chief Executive & | Director |
Managing Director |
Page No.2
Rafhan Maize Products Company Limited
Condensed Interim Statement of Comprehensive Income (Un-audited)
For the nine months period ended 30 September 2024
Three months ended | |||||||||
Nine months ended (Un-audited) | (Un-audited) | ||||||||
30 Sep | 30 Sep | 30 Sep | 30 Sep | ||||||
2024 | 2023 | 2024 | 2023 | ||||||
----------------------------- | (Rupees in thousands)----------------------------- | ||||||||
Profit for the period | 5,565,003 | 5,562,547 | 1,854,519 | 1,346,375 | |||||
Other comprehensive income | - | - | - | - | |||||
Total comprehensive income | |||||||||
for the period | 5,565,003 | 5,562,547 | 1,854,519 | 1,346,375 | |||||
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
________________ | ||
Adil Saeed Khan | Humair Ijaz | Zulfikar Mannoo |
Chief Financial Officer | Chief Executive & | Director |
Managing Director |
Page No.3
Rafhan Maize Products Company Limited
Condensed Interim Statement of Cash Flows (Un-audited)
For the nine months period ended 30 September 2024
Note
Cash flows from operating activities
Nine months ended (Un-audited)
30 September | 30 September |
2024 | 2023 |
----------(Rupees in thousands)--------
Cash generated from operations | 10 |
Taxes paid
Employees retirement benefits paid
Net cash used in operating activities
Cash flows from investment activities
Capital expenditure incurred
Proceeds from disposal of property, plant and equipment Interest received
Short term investment Repayment from long term loans
Net cash used in investing activities
Cash flows from financing activities
Repayment of long term loan
Receipt of long term loan
Repayment of lease liability
Dividend paid
Finance cost paid
Net cash used in financing activities
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period
1,888,515
(3,015,308)
(24,463)
(3,039,771)
(1,151,256)
(1,291,580)
43,003
137,125
3,678,019
488
2,567,055
(51,458)
154,989
(13,425)
(3,589,390)
(559,138)
(4,058,422)
(2,642,623)
645,095
(1,997,528)
2,935,242
(3,492,074)
(33,840)
(3,525,914)
(590,672)
(1,600,684)
62,509
912,474
-
9,350
(616,350)
325,795
(5,255)
(2,227,719)
(245,018)
(2,152,197)
(3,359,220)
2,210,082
(1,149,138)
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
_______________ | ||
Adil Saeed Khan | Humair Ijaz | Zulfikar Mannoo |
Chief Financial Officer | Chief Executive & | Director |
Managing Director | ||
Page No.4 |
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