Lahore: Rafhan Maize Products Co Ltd has reported its unaudited financial results for the half year ending September 30, 2026, announcing a notable performance despite global and domestic economic challenges. The company's net income after tax for the nine months ended September 30, 2026, rose to Rs 5,661 million from Rs 5,090 million in the same period last year, marking an 11.2% increase. This improvement was attributed to deeper customer engagement, volume growth, and focused cost optimization initiatives.
For the three months ending September 30, 2026, the company recorded net sales of Rs 18,516 million, a slight decrease compared to Rs 18,913 million in the corresponding period of 2025. However, net income after tax for the same period increased to Rs 1,547 million from Rs 1,224 million, reflecting a strong financial position in the face of softer customer demand.
According to information available from the Pakistan Stock Exchange (PSX), Rafhan Maize's earnings per share for the nine months ending September 30, 2026, stood at Rs 612.94, up from Rs 551.05 in the previous year. For the three-month period, earnings per share increased to Rs 167.51 from Rs 132.48 in 2025.
The economic landscape during the third quarter of 2026 showed signs of recovery, supported by improved manufacturing activity, robust agricultural indicators, and growth in IT exports. However, the operating environment remained challenging due to regional geopolitical uncertainties, particularly the tensions in the Middle East, alongside inflationary pressures and elevated costs of energy and manufacturing inputs.
Despite these challenges, Rafhan Maize sustained its market position as a leading local manufacturer and trusted supplier in the food segment. The company effectively met customer requirements through consistent product quality, reliable supply, and a strong nationwide distribution network. In the industrial sector, elevated input costs constrained activity, with the textile sector experiencing stagnant growth due to subdued demand and cost challenges.
The paper and corrugation sector navigated a challenging operating environment, while the animal nutrition ingredients market faced headwinds from falling alternative feed prices and a slowdown in the poultry sector. Nonetheless, the animal health segment improved its performance through a favorable product mix and strategic partnerships with large-scale dairy farms.
Export operations continued to be affected by the suspension of trade with Afghanistan and tensions in the Middle East, yet Rafhan Maize remains committed to pursuing growth in alternative global markets.