April 17, 2026 (MLN): Rafhan Maize Products Company Limited (PSX: RMPL) reported a 4% year-on-year increase in net profit to Rs2.03bn for the quarter ended March 31, 2026, compared to Rs1.96bn in the same period last year.

Earnings per share (EPS) rose to Rs220.09 from Rs211.67. The company also declared an interim cash dividend of Rs94 per share (940%).

Net sales remained largely flat, slightly declining by 0.09% to Rs19.04bn from Rs19.06bn.

However, cost of sales decreased by 1.86% to Rs14.88bn from Rs15.16bn, resulting in a 6.83% increase in gross profit to Rs4.16bn.

This improvement indicates a modest expansion in gross margins.

On the operating front, distribution expenses increased 8.86% to Rs304.77m, while administrative expenses rose 3.27% to Rs419.86m.

Other expenses also edged up 2.40% to Rs244.57m. Meanwhile, other income declined sharply by 40.68% to Rs275.90m, and net other items surged 50.64% to Rs693.30m.

Despite mixed cost dynamics, operating profit inched up 0.96% to Rs3.47bn.

Below the operating level, finance costs dropped significantly by 40.08% to Rs147.78m from Rs246.61m, providing notable support to earnings.

Consequently, profit before tax increased by 5.58% to Rs3.32bn.

On the taxation front, tax expense rose 8.21% to Rs1.29bn from Rs1.19bn, slightly offsetting gains at the pre-tax level.

Overall, the company delivered steady profit growth driven by improved gross margins and lower finance costs, despite stagnant revenues and a decline in other income.

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