Rafhan Maize quarterly profits up 26 percent

KARACHI: Rafhan Maize Products Co Ltd has announced an increase of 26 percent in its quarter profits amid an increase in sales.

In a notification to the Pakistan Stock Exchange on Monday, the company said it earned profit of Rs1.31 billion during the quarter ended September 30 against Rs1.04 billion during the corresponding period of the last year.

The company also announced an interim cash dividend of Rs60, or 600 percent, which is in addition to the already paid interim cash dividend of Rs110/share. During the period under review, earnings per share (EPS) remained at Rs91.98 against Rs79.42 in the same period of 2015.

Sales of the company increased to Rs5.83 billion against Rs5.53 billion. After deduction of cost of sales at Rs4.25 billion as compared to Rs4.29 billion, the gross profit of the company was recorded at Rs1.57 billion against Rs1.24 billion. For the nine months period ended September 30, Rafhan recorded a net profit of Rs4.21 billion, up 33 percent against Rs3.16 billion during the same period of the last year.