Rafhan Maize Products : Corporate Briefing Session

Corporate Briefing Session

FY 2023

Program

Program	Presenter	Time
Welcome	Mustafa Kamal Zuberi, Chief	03:00 pm
	Legal Officer and Company
	Secretary
Tilawat e Quran	Ijaz Butt, Senior Officer	03:05 pm
	Corporate Affairs
Capital Structure and Company	Mustafa Kamal Zuberi, Chief	03:10 pm
profile	Legal Officer and Company
	Secretary
Strategic and Operational	Adil Saeed Khan, Chief Financial	03:20 pm
Developments	Officer
Financial Information
Question and Answer Session	Adil Saeed Khan and Mustafa	03:40 pm
	Kamal Zuberi

Capital Structure

Authorized Share Capital	PKR 200,000,000
Paid up Share Capital	PKR 92,364,280
No. of Issued Ordinary Shares	9,236,428

Rafhan Maize Products Co. Limited

"RMPL"

71%

29%

Minority Shareholders

Ingredion

Incorporated

4

Board of Directors

Name	Designation	Category
Mike O'Riordan	Chairman	Non-Executive
Humair Ijaz	Chief Executive Officer	Executive
James D. Gray	Director	Non-Executive
Tanya Jaeger	Director	Non-Executive
Marcel Hargett	Director	Non-Executive
Adil Saeed Khan	Chief Financial Officer	Executive
Zulfiqar Monnoo	Director	Non-Executive
Wisal A. Monnoo	Director	Non-Executive
Adil Monnoo	Director	Non-Executive
Tahir Jawaid	Director	Independent
Kamran Y Mirza	Director	Independent
Mustafa Kamal Zuberi	CLO & Company Secretary	Company Secretary

5

Income Statement - FY 2023

	FY 2023	FY 2022	%
(PKR m)	Act	Act
Volume ('000 MT)	500	563	-11%
Net Sales	65,467	58,756	11%
Headproducts	50,589	44,915	13%
Co-Products	14,878	13,841	7%
Cost of Goods Sold	51,475	46,922	10%
Gross Profit	13,991	11,834	18%
Margins	21.4%	20.1%	123 bps.
Operating Expenses	1,489	1,706	-13%
Operating Income	12,502	10,128	23%
Margins	19.1%	17.2%	186 bps.
Finance Cost-Net	502	206	144%
Profit before Income Tax	12,000	9,922	21%
Income Tax Expenses	5,088	3,742	36%
Profit for the period	6,913	6,179	12%
Margins	10.6%	10.5%	4 bps.
EPS	748.4	669.0	12%

Balance Sheet (as at 31 Dec 2023)

Amount in PKR Billion	Dec-20	Dec-21	Dec-22	Dec-23
Balance Sheet
Non Current Assets	6.6	6.6	7.3	9.4
Current Assets	16.2	17.4	25.4	41.9
Total Assets	22.8	24.0	32.7	51.3
Share Capital	0.09	0.09	0.09	0.09
Total Equity	16.1	15.9	19.0	23.0
Non Current Liabilities	1.0	0.9	1.1	1.8
Current Liabilities	5.7	7.4	12.6	26.4
Ratios
Gross Margin	27%	24%	20%	21%
EBITDA Margin	25%	22%	18%	20%
Net Margin	17%	15%	11%	11%
Earning per Share	659.8	677.5	669.0	748.4
Current Ratio	2.8	2.4	2.0	1.6
Return on Equity	38%	39%	32%	30%

Cost Evolution

SELLING & DISTRIBUTION

ADMINISTRATIVE EXPENSES

OTHER EXPENSES

PKR

Billion

		0.68	0.81
0.52	0.55

0.61

PKR

Billion

1.37

1.00

0.74

PKR

Billion

0.60 0.66 0.73

0.88

F Y - 2 0 2 0 F Y - 2 0 2 1 F Y - 2 0 2 2 F Y - 2 0 2 3

Increase in is mainly due to annual merit increase and distribution cost.

F Y - 2 0 2 0 F Y - 2 0 2 1 F Y - 2 0 2 2 F Y - 2 0 2 3

Increase in is mainly due to annual merit increase and inflation rate impact

F Y - 2 0 2 0 F Y - 2 0 2 1 F Y - 2 0 2 2 F Y - 2 0 2 3

Increase in Other Expenses mainly relates to WPPF & WWF due to higher Income in 2023

Company Confidential

Key Metrics

Net Revenue

(PKR Billion )

65.4

58.8

42.6

35.9

F Y - 2 0 2 0

F Y - 2 0 2 1

F Y - 2 0 2 2

F Y - 2 0 2 3

Profit Before Tax

(PKR Billion)

		9.9	12.0
8.5	8.9
F Y - 2 0 2 0	F Y - 2 0 2 1	F Y - 2 0 2 2	F Y - 2 0 2 3

Earning Per Share (PKR )		Capital Expenditures
		(PKR Billion )

			748.4				2,431
659.8	677.5	669.0
				882
				349	516
F Y - 2 0 2 0	F Y - 2 0 2 1	F Y - 2 0 2 2	F Y - 2 0 2 3	F Y - 2 0 2 0	F Y - 2 0 2 1	F Y - 2 0 2 2	F Y - 2 0 2 3

Company Confidential