RMPL Rafhan Maize Products Company Limited
Latest results: FY2025 · Dec 2025
Last close · 16 Oct 2026
Rs 8,579.99 +1.46%
Annual · FY2006 – FY2025
Rafhan Maize Products Company Limited (RMPL) income statement
Rafhan Maize Products Company Limited reported revenue of Rs 73.4 bn for FY2025 (Jan – Dec 2025), up 4.9% on FY2024. Gross profit came to Rs 13.8 bn, a gross margin of 18.8%. Operating profit was Rs 10.4 bn (an operating margin of 14.2%). Finance cost was Rs 742.7 mn, up 8.0% on FY2024. Tax of Rs 4.2 bn took 38.9% of pre-tax profit. Profit attributable to shareholders was Rs 6.5 bn, down 12.6% on FY2024, or Rs 707.51 per share.
| Rs bn | FY2025 Jan – Dec 2025 | FY2024 Jan – Dec 2024 | FY2023 Jan – Dec 2023 | FY2022 Jan – Dec 2022 | FY2021 Jan – Dec 2021 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 73.4 | 69.9 | 65.5 | 58.8 | 42.6 | |||||||||||||||
| Cost of revenue | (59.6) | (55.3) | (51.5) | (46.9) | (32.3) | |||||||||||||||
| Gross profit | 13.8 | 14.6 | 14.0 | 11.8 | 10.3 | |||||||||||||||
| Selling, general & administrative expenses | (3.7) | (3.3) | (3.0) | (2.4) | (2.0) | |||||||||||||||
| Operating profit | 10.4 | 11.6 | 11.3 | 9.6 | 8.5 | |||||||||||||||
| Finance cost | (0.7) | (0.7) | (0.4) | (0.2) | (0.0) | |||||||||||||||
| Profit before tax | 10.7 | 11.9 | 11.8 | 9.9 | 8.9 | |||||||||||||||
| Taxation | (4.2) | (4.4) | (4.9) | (3.7) | (2.7) | |||||||||||||||
| Profit after tax | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 | |||||||||||||||
| Profit attributable to shareholders | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 | |||||||||||||||
| Per share & other | ||||||||||||||||||||
| EPS – basic (Rs) Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 | |||||||||||||||
| EPS – diluted (Rs) Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 | |||||||||||||||
| Dividend per share (Rs) Rs | 480.00 | 375.00 | 350.00 | 275.00 | 600.00 | |||||||||||||||
| EBITDA | 11.2 | 12.4 | 11.9 | 10.1 | 9.0 | |||||||||||||||
| Depreciation & amortisation | 0.8 | 0.7 | 0.6 | 0.5 | 0.5 | |||||||||||||||
| Weighted average shares mn | 9.2 | 9.2 | 9.2 | 9.2 | 9.2 | |||||||||||||||
| Rs mn | FY2025 Jan – Dec 2025 | FY2024 Jan – Dec 2024 | FY2023 Jan – Dec 2023 | FY2022 Jan – Dec 2022 | FY2021 Jan – Dec 2021 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | +4.9% | +6.8% | +11.4% | +37.9% | +18.8% | |||||||||||||||
| Cost of revenue | +7.7% | +7.4% | +9.7% | +45.3% | +23.8% | |||||||||||||||
| Gross profit | -5.6% | +4.6% | +18.2% | +14.7% | +5.5% | |||||||||||||||
| Selling, general & administrative expenses | +12.7% | +9.0% | +25.2% | +23.3% | +12.8% | |||||||||||||||
| Operating profit | -10.3% | +3.1% | +17.8% | +12.8% | +4.6% | |||||||||||||||
| Finance cost | +8.0% | +53.7% | +170.9% | +976.0% | +52.0% | |||||||||||||||
| Profit before tax | -9.9% | +0.2% | +19.4% | +11.0% | +5.5% | |||||||||||||||
| Taxation | -5.3% | -10.9% | +31.8% | +39.5% | +12.8% | |||||||||||||||
| Profit after tax | -12.6% | +8.1% | +11.9% | -1.2% | +2.7% | |||||||||||||||
| Profit attributable to shareholders | -12.6% | +8.1% | +11.9% | -1.2% | +2.7% | |||||||||||||||
| Per share & other | ||||||||||||||||||||
| EPS – basic (Rs) | -12.6% | +8.1% | +11.9% | -1.2% | +2.7% | |||||||||||||||
| EPS – diluted (Rs) | -12.6% | +8.1% | +11.9% | -1.2% | +2.7% | |||||||||||||||
| Dividend per share (Rs) | +28.0% | +7.1% | +27.3% | -54.2% | +9.1% | |||||||||||||||
| EBITDA | -9.2% | +4.1% | +17.4% | +12.4% | +4.4% | |||||||||||||||
| Depreciation & amortisation | +7.9% | +24.7% | +11.3% | +5.4% | +1.5% | |||||||||||||||
| Weighted average shares | — | — | — | — | — | |||||||||||||||
Change against the previous fiscal year; shown when the earlier figure is positive.
| Rs mn | FY2025 Jan – Dec 2025 | FY2024 Jan – Dec 2024 | FY2023 Jan – Dec 2023 | FY2022 Jan – Dec 2022 | FY2021 Jan – Dec 2021 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||||||||||
| Cost of revenue | (81.2%) | (79.1%) | (78.6%) | (79.9%) | (75.8%) | |||||||||||||||
| Gross profit | 18.8% | 20.9% | 21.4% | 20.1% | 24.2% | |||||||||||||||
| Selling, general & administrative expenses | (5.1%) | (4.7%) | (4.6%) | (4.1%) | (4.6%) | |||||||||||||||
| Operating profit | 14.2% | 16.6% | 17.2% | 16.3% | 20.0% | |||||||||||||||
| Finance cost | (1.0%) | (1.0%) | (0.7%) | (0.3%) | (0.0%) | |||||||||||||||
| Profit before tax | 14.6% | 17.0% | 18.1% | 16.9% | 21.0% | |||||||||||||||
| Taxation | (5.7%) | (6.3%) | (7.5%) | (6.4%) | (6.3%) | |||||||||||||||
| Profit after tax | 8.9% | 10.7% | 10.6% | 10.5% | 14.7% | |||||||||||||||
| Profit attributable to shareholders | 8.9% | 10.7% | 10.6% | 10.5% | 14.7% | |||||||||||||||
| Per share & other | ||||||||||||||||||||
| EBITDA | 15.3% | 17.7% | 18.1% | 17.2% | 21.1% | |||||||||||||||
| Depreciation & amortisation | 1.1% | 1.0% | 0.9% | 0.9% | 1.2% | |||||||||||||||
Each line as a percentage of revenue.
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. Updated 15 Oct 2026.
All reported line items 137
| Rs bn | FY2025 Jan – Dec 2025 | FY2024 Jan – Dec 2024 | FY2023 Jan – Dec 2023 | FY2022 Jan – Dec 2022 | FY2021 Jan – Dec 2021 |
|---|---|---|---|---|---|
| Revenue from Goods & Services | 73.4 | 69.9 | 65.5 | 58.8 | 42.6 |
| Sales of Goods & Services - Net - Unclassified | — | — | — | — | — |
| Sales Returns, Allowances & Other Revenue Adjustments | 6.3 | 9.0 | 7.3 | 0.3 | 0.1 |
| Revenue Taxes | 11.4 | 10.4 | 10.4 | 9.1 | 5.7 |
| Gross Revenue from Business Activities - Total | 91.1 | 89.3 | 83.2 | 68.2 | 48.4 |
| Revenue from Business Activities - Total | 73.4 | 69.9 | 65.5 | 58.8 | 42.6 |
| Cost of Operating Revenue | 59.6 | 55.3 | 51.5 | 46.9 | 32.3 |
| Cost of Revenues - Total | 59.6 | 55.3 | 51.5 | 46.9 | 32.3 |
| Cost of Revenues - Unclassified | 46.2 | 39.4 | 36.3 | 35.7 | 24.0 |
| Selling, General & Administrative Expenses - Total | 3.7 | 3.3 | 3.0 | 2.4 | 2.0 |
| Selling, General & Administrative Expenses - Unclassified | 1.7 | 1.6 | 1.4 | 1.1 | 0.7 |
| Depreciation in Cost of Revenues | 0.7 | 0.6 | 0.5 | 0.5 | 0.5 |
| Depreciation in Selling, General & Administrative Expenses | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
| Labor & Related Expenses including Stock-Based Compensation in Cost of Revenues | 3.5 | 2.9 | 2.6 | 2.3 | 0.4 |
| Amortization of Intangibles in Selling, General & Administrative Expenses | — | — | — | — | — |
| Material Expenses | 0.7 | 0.5 | 0.3 | 0.3 | 0.2 |
| Other Operating Expense/(Income) - Net | (0.3) | (0.3) | (0.3) | (0.2) | (0.1) |
| Other Operating Income - Total | 0.3 | 0.3 | 0.3 | 0.2 | 0.1 |
| Materials Purchased | 0.6 | 0.5 | 0.3 | 0.3 | 0.2 |
| Ground leases/Rental Expenses in Cost of Revenues | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cost of Revenues - Other - Total | 8.5 | 11.9 | 11.6 | 8.1 | 7.3 |
| Gross Profit - Industrials/Property - Total | 13.8 | 14.6 | 14.0 | 11.8 | 10.3 |
| Operating Expenses - Total | 62.9 | 58.3 | 54.2 | 49.2 | 34.1 |
| Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses | 1.9 | 1.6 | 1.5 | 1.3 | 1.2 |
| Research & Development Expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, General & Administrative Expenses - Other - Total | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Advertising Expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Rental Expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating Profit before Non-Recurring Income/(Expense) | 10.4 | 11.6 | 11.3 | 9.6 | 8.5 |
| Financing Income/(Expense) - Net - Total | 0.2 | 0.4 | 0.6 | 0.3 | 0.4 |
| Interest Expense - Net of (Interest Income) | 0.0 | 0.4 | (0.6) | (0.3) | (0.5) |
| Other Operating Expense | — | — | — | — | — |
| Interest Expense - Net of Capitalized Interest | 0.7 | 0.7 | 0.4 | 0.2 | 0.0 |
| Provision for Doubtful Accounts & Write-off | — | — | — | — | — |
| Non-Interest Financial Income/(Expense) - Total | 0.2 | 0.8 | 0.1 | 0.0 | (0.0) |
| Non-Interest Financial Income/(Expense) - Other - Net | (0.1) | (0.1) | (0.1) | (0.0) | (0.0) |
| Sale of Tangible & Intangible Fixed Assets - Gain/Loss | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 |
| Other Non-Operating Income/(Expense) - Total | (0.0) | (0.2) | (0.2) | — | — |
| Foreign Exchange Gain/(Loss) - Non-Business | (0.0) | 0.0 | (0.0) | 0.1 | 0.0 |
| Normalized Pre-tax Profit | 10.7 | 11.9 | 11.8 | 9.9 | 8.9 |
| Non-Recurring Income/Expense - Total | 0.0 | 0.0 | (0.0) | 0.0 | 0.0 |
| Interest Income - Non-Bank | 0.7 | 0.3 | 1.0 | 0.5 | 0.5 |
| Impairment - Financial Investments | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) |
| Dividend & Investment Income | 0.0 | 0.7 | 0.2 | — | — |
| Sale of Investments Held for Sale, Maturity & Trading - Gain/(Loss) | 0.3 | 0.1 | — | — | — |
| Provision for Income Tax Expense- Unclassified | — | — | — | — | — |
| Income before Taxes | 10.7 | 11.9 | 11.8 | 9.9 | 8.9 |
| Income Taxes | 4.2 | 4.4 | 4.9 | 3.7 | 2.7 |
| Income Taxes for the Year - Current | 4.4 | 4.2 | 4.6 | 3.7 | 2.7 |
| Income Taxes - Domestic - Current | 4.4 | 4.2 | 4.0 | 3.3 | 2.6 |
| Income Taxes - Other (KFAS/NLST) - Current | 0.0 | (0.0) | 0.6 | 0.4 | 0.0 |
| Income Taxes - Deferred | (0.2) | 0.2 | 0.3 | 0.0 | 0.0 |
| Income Taxes - Domestic - Deferred | — | — | — | (0.1) | 0.0 |
| Income Taxes - Other - Deferred | — | — | — | 0.1 | (0.0) |
| Net Income after Tax | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Income before Discontinued Operations & Extraordinary Items | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Net Income before Minority Interest | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Net Income after Minority Interest | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Income Available to Common Shares | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Other Comprehensive Income - Starting Line | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Other Comprehensive Income - Other | — | — | — | 0.2 | (0.0) |
| Other Comprehensive Income - Pension Related | (0.4) | (0.2) | 0.2 | — | — |
| Other Comprehensive Income - Income Tax | 0.1 | 0.1 | (0.1) | — | — |
| Other Comprehensive Income - Net of Tax - Total | (0.3) | (0.2) | 0.1 | 0.2 | (0.0) |
| Comprehensive Income before Minority Interest - Total | 6.2 | 7.3 | 7.0 | 6.4 | 6.2 |
| Comprehensive Income - Attributable to Parent Company Equity Holders - Total | 6.2 | 7.3 | 7.0 | 6.4 | 6.2 |
| DPS - Common - Gross - Issue - By Period End Date Rs | 480.00 | 375.00 | 350.00 | 275.00 | 600.00 |
| Net Income - Basic - including Extraordinary Items Applicable to Common - Total | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Income available to Common excluding Extraordinary Items | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Shares used to calculate Basic EPS - Total mn | 9.2 | 9.2 | 9.2 | 9.2 | 9.2 |
| EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs | 707.32 | 809.13 | 748.64 | 668.76 | 677.44 |
| Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Earnings Allocation Factor - Basic - Issue Specific | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× |
| Shares used to calculate Basic EPS - Issue Specific mn | 9.2 | 9.2 | 9.2 | 9.2 | 9.2 |
| EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs | 707.32 | 809.13 | 748.64 | 668.76 | 677.44 |
| EPS - Basic from Discontinued Operations & Extraordinary Items Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Comprehensive Earnings Per Share - Basic - Issue Specific Rs | 675.62 | 792.94 | 758.19 | 691.68 | 672.81 |
| Dilution Adjustment | — | — | — | — | — |
| Net Income - Diluted - including Extraordinary Items Applicable to Common - Total | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Diluted Income available to Common excluding Extraordinary Items | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Shares used to calculate Diluted EPS - Total mn | 9.2 | 9.2 | 9.2 | 9.2 | 9.2 |
| EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs | 707.32 | 809.13 | 748.64 | 668.76 | 677.44 |
| Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Earnings Allocation Factor - Diluted - Issue Specific | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× |
| Shares used to calculate Diluted EPS - Issue Specific mn | 9.2 | 9.2 | 9.2 | 9.2 | 9.2 |
| EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs | 707.51 | 809.31 | 748.43 | 669.02 | 677.46 |
| EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs | 707.32 | 809.13 | 748.64 | 668.76 | 677.44 |
| EPS - Diluted from Discontinued Operations & Extraordinary Items Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Comprehensive Earnings Per Share - Diluted - Issue Specific Rs | 675.62 | 792.94 | 758.19 | 691.68 | 672.81 |
| DPS - Common - Gross - Issue - By Announcement Date Rs | 430.00 | 375.00 | 325.00 | 350.00 | 700.00 |
| DPS - Common - Net - Issue - By Announcement Date Rs | 387.00 | 337.50 | 292.50 | 315.00 | 630.00 |
| Earnings before Interest & Taxes (EBIT) | 10.4 | 11.6 | 11.3 | 9.6 | 8.5 |
| Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) | 11.2 | 12.4 | 11.9 | 10.1 | 9.0 |
| Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) and Operating Lease Payments | 11.3 | 12.4 | 11.9 | 10.1 | 9.0 |
| Depreciation & Amortization - Supplemental | 0.8 | 0.7 | 0.6 | 0.5 | 0.5 |
| Depreciation Expense - Total - Supplemental | 0.8 | 0.7 | 0.6 | 0.5 | 0.5 |
| Amortization - Total - Supplemental | — | — | — | — | — |
| Intangible Amortization - Other - Supplemental | — | — | — | — | — |
| Depreciation, Depletion & Amortization - Total | 0.8 | 0.7 | 0.6 | 0.5 | 0.5 |
| Depreciation - Total | 0.8 | 0.7 | 0.6 | 0.5 | 0.5 |
| Amortization of Intangible Assets including Goodwill - Total | — | — | — | — | — |
| Labor & Related Expenses - Total | 5.4 | 4.5 | 4.1 | 3.6 | 1.6 |
| Labor & Related Expenses - Supplemental | 5.4 | 4.5 | 4.1 | 3.6 | 1.6 |
| Research & Development Expense - Expensed & Capitalized - Total - Supplemental | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Research & Development Expense - Supplemental | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Auditor Fees | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Audit-Related Fees | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Fees - Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Normalized after Tax Profit | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Normalized Net Income from Continuing Operations | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Normalized Net Income - Bottom Line | 6.5 | 7.5 | 6.9 | 6.2 | 6.3 |
| Earnings before Interest & Taxes (EBIT) - Normalized | 10.7 | 12.3 | 11.3 | 9.6 | 8.5 |
| Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized | 11.5 | 13.0 | 11.9 | 10.1 | 9.0 |
| Interest Expense on Financial Lease Liabilities - Supplemental | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Rental/Operating Lease Expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Advertising Expenses - Supplemental | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest Expense | 0.7 | 0.7 | 0.4 | 0.2 | 0.0 |
| Operating Expenses | 62.9 | 58.3 | 54.2 | 49.2 | 34.1 |
| Selling, General & Administrative Expenses excluding Research & Development Expenses | 3.7 | 3.3 | 3.0 | 2.4 | 2.0 |
| Income before Taxes & Provision for Loan Losses | 10.7 | 11.9 | 11.8 | 9.9 | 8.9 |
| Cost of Revenue including Operation & Maintenance (Utility) - Total | 59.6 | 55.3 | 51.5 | 46.9 | 32.3 |
| Cost of Revenues excluding Depreciation | 58.9 | 54.7 | 50.9 | 46.4 | 31.8 |
| DPS - Common - Gross - Issue - By Payable Date Rs | 430.00 | 375.00 | 325.00 | 350.00 | 700.00 |
| DPS - Common - Gross - Issue - By Ex Date Rs | 430.00 | 375.00 | 325.00 | 350.00 | 700.00 |
| Tax Adjusted Operating Income | 7.0 | 7.9 | 7.2 | 6.3 | 6.3 |
| Operating Expenses excluding Non-Cash Charges - Total | 62.1 | 57.6 | 53.6 | 48.6 | 33.6 |
| Income Available to Common Shares before Depreciation & Amortization | 7.3 | 8.2 | 7.5 | 6.7 | 6.8 |
| Fixed Charges | 0.7 | 0.7 | 0.4 | 0.2 | 0.0 |
| Estimated Tax Rate | 0.29× | 0.29× | 0.29× | 0.29× | 0.29× |
| Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs | 430.00 | 375.00 | 325.00 | 350.00 | 700.00 |
Every line the company reported, in the original order and wording, without regrouping or signs changed.