Faisalabad: Rafhan Maize Products Company Limited has announced the convening of its 137th General Meeting, scheduled for Thursday, April 24, 2025, at 3:00 p.m. The meeting will take place at the company’s head office located on Rakh Canal East Road in Faisalabad. Shareholders are expected to address several key agenda items during this annual gathering.
The meeting will begin with the confirmation of the minutes from the last General Meeting, which took place on September 5, 2024, in Faisalabad. Shareholders will then review and consider the adoption of the company’s audited financial statements for the year ending December 31, 2024. This will include the Directors’ and Auditors’ Reports.
A significant item on the agenda is the approval of a final cash dividend of Rs.100 per ordinary share, equating to a 1,000% dividend for the year ended December 31, 2024. This recommendation comes from the company’s Board of Directors. Additionally, the appointment of auditors for the year ending December 31, 2025, will be discussed. Messrs KPMG Taseer Hadi and Co., the current auditors, have offered to continue their services for another term, as recommended by the Audit Committee.
According to information available from the Pakistan Stock Exchange (PSX), Rafhan Maize’s financial statements reflect a horizontal analysis showcasing a 7% increase in sales and a 5% rise in gross profit year-over-year. Administrative expenses saw a 10% increase, while the company’s operating profit marked a 3% growth. Notably, the finance cost surged by 54%, and the profit after taxation rose by 8%.
In the balance sheet analysis, non-current assets such as property, plant, and equipment grew by 6%, while capital work-in-progress increased by 58%. Current assets showed mixed performance, with stock in trade decreasing by 14%, but short-term investments and cash balances increased by 59% and 647%, respectively.
Rafhan Maize’s financial health is also reflected in its liabilities and equity, with a 93% increase in the current portion of long-term financing and a 17% rise in long-term financing. The total assets and liabilities have seen a 1% increase over the period, indicating moderate growth.
The designated market category for Rafhan Maize Products Company Limited remains stable, with the company’s share capital and reserves showing no change. Reserves increased by 17%, contributing to an overall balanced financial position.