Author Topic: RMPL -- Rafhan Maize Products Ltd.  (Read 10063 times)

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Toshi

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RMPL -- Rafhan Maize Products Ltd.
« Reply #-1 on: October 10, 2008, 03:38:55 PM »
All About Rafhan Maize Products Ltd.
« Last Edit: August 12, 2012, 10:53:07 AM by M&M »

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RMPL -- Rafhan Maize Products Ltd.
« Reply #-1 on: October 10, 2008, 03:38:55 PM »

Toshi

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Re: RMPL -- Rafhan Maize Products Ltd.
« on: November 30, 2009, 12:25:44 PM »
Rafhan Maize Products Co Ltd 
Business Description:
Rafhan Maize Products Co Ltd. The Company's principal activities are to produce corn oil, industrial starches, liquid glucose, dextrose, dextrin, gluten meals and other corn related products. The Company also manufactures a wide-range of co-products such as gluten feeds, meals, germ cake and hydrol. The brand and products of the Company are PENETROSE, AMISOL, TEX-O-FILM, CERELOSE Dextrose and MOR-SWEET high maltose syrup. The Company operates only in Pakistan.

Toshi

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #1 on: November 30, 2009, 12:27:21 PM »
Market Cap:              14,316,463,400
Shares Outstanding:      9,236,428
Fiscal Yr Ends:               December

Toshi

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #2 on: December 11, 2009, 09:08:40 AM »
Foods: RAFHAN MAIZE - Analysis of Financial Statements Financial Year 2003 - Financial Year 2008

OVERVIEW (December 11 2009): Since 1953, Rafhan Maize has been the premier provider of refined corn-based products and ingredients in Pakistan. The company has focused on defending and reinventing traditional markets through delivering the right products at the right prices.

Rafhan Maize has the capacity and capability to produce a wide range of food, industrial and animal nutrition and health ingredients. Important segments of diverse customers' base include textiles, paper, food and confectionery, baking, pharmaceutical, livestock feed and edible oil refiners.

RECENT RESULTS (FY08)


Rafhan Maize's earnings after tax for the year ended FY08 were Rs 1492 million, which was higher by 37% compared to FY07. PBT for FY08 was Rs 2,299 million, which was higher by 36.8% compared to year 2007. Earnings per share for the year at Rs 161.57 were up by 37% compared to the last year on a comparable basis. This improved profitability, amidst difficult business environment was on the back of volumetric growth, improved product mix, effective marketing efforts and continued commitment to operational efficiencies.

The company's various consuming industries like textiles (for starch segment) and paper and corrugation industries could not operate to their capacities, due to slackened global demand. Gross sales break-up reveals a lion share by domestic sales, as against the exports. Despite the industrial slowdown, the company was able to capitalize on its diversification, investment in technology and R&D as one can witness a robust 41.8% growth in sales in FY08 on the back of greater performance in food and animal nutrition business, with buoyant demand. However this sales rise was outpaced by a stronger 46.1% growth in cost of sales on the back inflated inputs and high energy and fuel costs. The net effect of this was such that the gross profit surged by 30.6% in FY08.

On the operating front, a 15.8% decline in distribution expenses with a meagre 8.2% increase in administrative expenses resulted in operating profit to increase by 37.6% in FY08. Other operating income, mainly on back of higher interest income earned over the same period last year also added to the increasing EBIT that surged by 37.9% in FY08 vis-à-vis FY07. Moreover, gross, operating and net profit margins improved in FY08, vis-à-vis FY07.

Financial charges of Rs 2.26 million declined by a mere 2.43% comparatively, as the only non-current liability is deferred taxation. Other operating expense also surged by 37.2% in FY08. On the balance sheet front, the company's liquidity position deteriorated in H1'08 vis-à-vis FY07, due to 112% rise in current liabilities, as against a 37% surge in the current assets. Also the company availed a short-term running finance facility of Rs 202.5 million in H1'08 to finance it operations. Furthermore trade payables and taxation provisions increased significantly.
Rafhan Maize has excellent records of continuous growth performance and, in the years of mixed uncertainties, the company has continued to reinforce its market position. Discussed are the financial highlights of Rafhan Maize over the period FY03-FY08. Off the total sales, material and services account for 71.5%, dividend and retention for 13.9%, financial cost for 9.1%, employee cost for 5.2% and finance cost for 0.3%.

The industrial sector continued to face tough competition in the domestic and global markets in FY08. Despite that, the company continued to build on growth momentum and once again achieved encouraging results in 2008. The high sale of sweeteners and animal nutrition and health ingredients remained the major driver of growth in volume sales. The slackened demand of starches from consuming industries resulted in lower than goal sale of industrial grade unmodified and modified starches.

PROFITABILITY


In the recent years, the profitability has improved and has posted a rather stable and rising trend continuing till FY08, despite the record increase in the price of maize, basic raw material and the overall sluggish situation of industrial sector in the country. Solid steps were taken to alleviate the adverse impact on profitability through operational efficiencies, cost cutting initiatives and effective marketing mix. The implementation of these measures is reflected in 42% impressive increase in net sales over last year. The volume growth coupled with reduction in costs lifted profit after tax to Rs 1492 million from Rs 1089 million of 2007 and the earnings per share improved to Rs 161.57.

Gross profit margin has shown an erratic trend over the years. The gross profit margin declined after 2004, despite a significant rise in sales as the cost of goods sold also increased tremendously. The higher sales translated into better margins despite the price of corn, which is the basic raw material for the company, which stands at 25.51% in FY08 as compared to 27.69%in F07. Both ROE and ROA declined in 2005 because of a 9% fall in profit after taxes, but recovered in 2006 as profit after taxes increased by 32.24% compared to the previous year. Both follow the same trend in all years and have risen in FY08 sue to higher profits.

LIQUIDITY


The liquidity position of the company has improved significantly up till the year 2007 as evident from the rising current and quick ratios. This can be primarily attributed to the phenomenal increase in the company's cash reserves by over 1000%, and a relatively lower increase in the current liabilities, which failed to mitigate the effect of the rise in the current assets. However during FY08, the current ratio declined from 3.38 to 2.19 and the quick ratio declined from 1.01 to 0.29 owing to a 112% increase in current liabilities and 96% decline in cash reserves.

ASSET MANAGEMENT

Rafhan Maize's asset management as far as the inventories are concerned has been commendable. The operating cycle was the highest in 2003 at 110.45 days. This shows that the company faced little bit difficulty in utilizing its inventories and obtaining cash against its credit sales. However, during 2006, the operating cycle declined considerably primarily due to a sharp decline in the inventory turnover (days), hence showing that with aggressive marketing strategies to boost sales, the company has been able to better utilize its inventories in the recent years.

However, the operating cycle again increased and now stands at an all-time high of 134.09 days primarily due to a rise in inventory turnover. Despite this the day sales outstanding has reduced considerably during FY08 from 15.61 to 11.87 which means that now cash is received after a credit sale in lesser time than before. The total asset turnover ratio and sales/equity ratios of Rafhan Maize have witnessed a rising trend since 2004. This can be attributed to the sharp rise in sales over the years owing to the aggressive marketing efforts by the company, which attracted a large number of customers. The total assets turnover ratio has increased from 1.96 to 2.06, due to a 42% rise in sales as against a 34% rise in total assets.

DEBT MANAGEMENT

Total liabilities of the company have declined as evident from the declining debt to asset and debt to equity ratios. This shows that Rafhan Maize is managing its debts well and has improved its credit policies over the years. The current and non-current liabilities of the company have increased over the years, but the effect has been largely mitigated by the increase in assets and equity of the firm. Consequently, the debt to asset and debt to equity ratios have declined (except in FY07 where the increase in debt was higher due to which the ratios remained flat). Long-term debt to equity has posted a rising trend in recent years mainly due to deferred taxation.

Times interest earned for the company has declined since 2004, primarily because of a sharp hike in interest rates owing to inflationary pressures in the country. The operating profit of Rafhan Maize saw a decline in 2005, but a recovery in 2006. However, the rise in the operating profit was not sufficient to off set the effect of a rise in interest rates. A spike can be seen in FY07 due to lower finance cost and higher EBIT, perhaps showing company's improved ability to cover its interest expense. This high ratio can indicate that a company has an undesirable lack of debt or is paying down too much debt with earnings that could be used for other projects. However, TIE reduced significantly to 64.65 primarily due to a 206% rise in finance cost.

MARKET VALUE


The earnings per share improved over the years, as did the book value per share. This is because of the net income increased subsequently over the years except in 2005. This decrease can be attributed only to lower net income in 2005, as the number of shares remained constant 2003 onwards. However, it increased tremendously in FY08 due to higher profits from discontinued operations. A major factor of the increase in this book value per share is the positive image the company projects through its marketing activities and focus on quality. The authorized capital of the company remained consistent over the years, and the increase in equity was primarily due to an increase in the reserves of the company, over the years FY03, FY04, FY05, FY06, FY07 and FY08.

Moreover, the overall cash position of the company improved which is evident by the positive trend of DPS. It has increased from Rs 26/share in FY03 to Rs 100/share in FY08, showing the good return to shareholders as the primary objective of the company. The (P/E) ratio shows how much the investors are willing to pay per rupee of the reported profits depends on the company's price per share and its earnings per share (EPS). Rafhan's EPS has been on a constant rise from 2003 onwards with a slight decline in FY05. In FY08 there was a sudden jump in P/E ratio from 10.27 to 19.12, due to a hike in price per share. But P/E ratio came down again to 14.74 due to a significant rise in EPS as the price per share only marginally increased.

FUTURE OUTLOOK

Overall, Rafhan Maize has maintained a commendable record as far as asset, debt, and liquidity management is concerned. It faced an erratic trend as far as profitability is concerned possibly because of a sharp rise in corn prices, the major raw material for the company. However, recently FY08 profits have shown significant improvements due to operational efficiencies, cost cutting initiatives and effective marketing mix. By maintaining its focus on growth and placing its customers as a nucleus of all business activities, the Company was able to expand its customer base in the domestic and export markets. Rafhan Maize is well positioned to take advantage of its experience, knowledge and innovative product line to further expand export business in the region.

The price of maize has drastically increased and this trend is projected to continue throughout 2009 in view of increased demand of maize from poultry and livestock feeds and food and industrial sectors. The energy cost is forecasted to increase further due to continuous rise in oil price and overall shortfall in the country. Due to high cost of maize, energy and other inputs, the pressure on selling prices of finished goods will further intensify and it may be difficult to pass on the total impact of increased costs to the consuming segments since the overall business and industrial environment may turn more difficult. The energy crisis affecting industrial production particularly the unorganized sector, increase in cost of production on multiple accounts and high delivery cost may squeeze margins to affect income and profitability.

COURTESY: Economics and Finance Department, Institute of Business Administration

Offline SBM

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #3 on: April 20, 2012, 02:44:31 PM »
25 rs dividend for q1
 eps down  from 56 to 48
Net margin down from 11 to 9.8%
gross from 21 to 19 %
 :crying_anim02:
no volume even on day of result
no love for rmpl 
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Offline Poker Face

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #4 on: April 22, 2012, 10:09:15 AM »
of course after dip in sales, one lock was expected no matter Rs. 25/- dividend announced.
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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #5 on: August 10, 2012, 09:52:49 PM »
Corn prices surge to record high
Corn futures surged to a new record high after the US government said that the drought ravaging the US farmbelt had destroyed a sixth of the country’s corn crop in just one month.

The US Department of Agriculture slashed its estimate for the US corn crop by 16.9 per cent from its previous estimate in July, to just 10.779bn bushels. The report sent benchmark corn futures up more than 3 per cent to an record peak of $8.4375 a bushel.
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Offline bilalmoti

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #6 on: August 10, 2012, 09:59:40 PM »
Corn prices surge to record high
Corn futures surged to a new record high after the US government said that the drought ravaging the US farmbelt had destroyed a sixth of the country’s corn crop in just one month.

The US Department of Agriculture slashed its estimate for the US corn crop by 16.9 per cent from its previous estimate in July, to just 10.779bn bushels. The report sent benchmark corn futures up more than 3 per cent to an record peak of $8.4375 a bushel.
How does it matter to RMPL. They buy corn from Pakistan and the prices of corn are delinked. The company also has higher power to increase prices so in the short term I think impact maybe neutral.

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #8 on: October 13, 2012, 09:47:27 PM »
Corn prices surge to record high
Corn futures surged to a new record high after the US government said that the drought ravaging the US farmbelt had destroyed a sixth of the country’s corn crop in just one month.

The US Department of Agriculture slashed its estimate for the US corn crop by 16.9 per cent from its previous estimate in July, to just 10.779bn bushels. The report sent benchmark corn futures up more than 3 per cent to an record peak of $8.4375 a bushel.
How does it matter to RMPL. They buy corn from Pakistan and the prices of corn are delinked. The company also has higher power to increase prices so in the short term I think impact maybe neutral.
since you said it doesnt matter on august 10 rmpl moved from 3800 to a high of  4625, a nice return of 21% before coming back to 3800 on its last close.
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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #11 on: August 20, 2013, 10:41:47 AM »
half year 2013 result
dps 30
eps hy2013 104 v 106.82
eps 2q2013 59 v 58
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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #12 on: September 04, 2013, 04:15:53 PM »
half year 2013 report

surprisingly they have yet to invest in biomass/coal base energy source even though they have been suffering from severe energy shortages for the past couple of years

bus rotay rehtay hain.
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Offline MZ

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #13 on: October 01, 2013, 08:05:18 AM »
Rafhan Maize is the leading manufacturer of refined corn and its derivative industrial ingredients in Pakistan and is a subsidiary of Ingredion Incorporated. The firm has an extensive and diversified product portfolio which includes industrial starches, liquid glucose, dextrose, dextrin and a variety of gluten meals.

Some of the industries it serves include textiles, food, cardboard & paper, confectionery, corrugation, beverages, livestock and animal feeds manufacturers.

HIGHLIGHTS 1H CY13 The performance of many of the industrial consumers of Rafhan's ingredients remained lukewarm during the first half of CY13, thereby affecting the firm's overall health. During the quarter under review, demand for Rafhan's industrial ingredients remained patchy mainly because the industry in Punjab struggled with power outages.

To add to these woes, the consequent higher use of expensive alternative fuels and the spiralling domestic inflation and devaluation of the Pak Rupee led to an increase in the cost of production across the board for both Rafhan and its downstream buyers.

However, the company was able to salvage the situation somewhat by making additional sales to export-oriented industries such as composite textile mills which were able to put out sustained demand for modified starches on account of the steady business they have been receiving from abroad. These sales helped account for upwards of 19 percent increase in Rafhan's top line for the six months ended June 30.

During the quarter, another segment which managed to improve its sales figures was the paper sector. Remember that the country's paper industry has been plagued with low capacity utilisation for the better part of the last year as the influx of cheaper imports and the electricity issues weigh heavily on its performance. But, the election campaign-which fell right in the middle of the second quarter-saw a revival of sorts with demand piquing for poster paper.

Additionally, demand from large to small scale consumers of industrial ingredients within the food processing sector also remained resilient. According to the company's half-year report, the large- and medium-scale confectionary businesses made for the lion's share of demand for corn starches and liquid sweeteners during the first six months of CY13.

From a manufacturing standpoint, Rafhan's biggest concern, however, continues to be the management of the variables cost that are eroding the firm's margins. Despite the improved sales year on year, higher costs of production, a staggering 64 percent hike in distribution expenses weighed on the firm's bottom line. Despite a favourable increase in sales volumes during the period under review, the net income has, therefore, seen a considerable dent this quarter.

OPERATIONAL PERFORMANCE CY12 At the close of CY12, Rafhan was able to sustain its growth momentum, having achieved 7 percent higher net sales year on year and a net income of Rs 2.04 billion. However, it barely managed to hold on to this performance as the spiralling costs continue to weigh on Rafhan's operations.

The last year was less than stellar for the textile sector and, consequently, sales for the Texo-Film brand of starches used in manufacturing of specialised textile fabric such as Denim and Coratex were unable to keep up their momentum. However, demand for the company's Penterose-an ingredient used for sizing yarn on high speed looms-saw a substantial hike as exports of Pakistani origin yarn skyrocketed during the year. During the year another positive force remained export sales of Industrial starches, which climbed year on year by over 10 percent.

The paper industry's performance remained largely mixed. While the smaller industrial units faced tough competition from cheaper imports, high cost of inputs and energy shortfall, the large-scale units operated normally. Additional improvements, however, can be made if the dumping of Chinese paper in the local markets is curbed. Demand from the corrugated packaging segment over the year remained high as cement, food, fruit and vegetable segments did well, which translated into volume growth for the firm's specialty starches.

During the year 2012 Rafhan's newly-constructed Greenfield Mehran Plant at Kotri commenced commercial production. The new plant will have direct impact on Rafhan's geographical reach into different markets locally and is set to help the firm's prospects during the coming quarters.

OUTLOOK At the half-year mark, things could certainly have been better for Rafhan. The industrial ingredients giant is struggling to sustain its margins and keep down costs of production as it is but to add insult to injury, the unfavourable weather during the year has also impacted the yield of the domestic corn.

Production during the year fell below expectation, resultantly the average price of corn grain climbed by 25 percent year on year. Going forward, the high prices of Rafhan's primary raw material coupled with the escalating energy tariffs will continue eroding the company's margins. Moreover, a lot depends on the performance of the downstream industrial consumers of Rafhan's products during the next six months. Despite a business-savvy new establishment in place, the second half of CY13 will be challenging because of the changes made in the tax regime-which will keep eroding the buying power of the ultimate consumers.

RAFHAN MAIZE PRODUCTS COMPANY LIMITED
===============================================================2010      2011      2012
===============================================================
Net sales                            13,912    18,270    19,531
Gross profit                          3,297     3,799     3,975
Profit from Operations                2,954     3,399     3,304
NPAT                                  1,837     2,033     2,040
Profitability Ratios
GP margin                              23.7      20.8      20.4
NP margin                              13.2      11.1      10.4
Operating leverage                      1.8       0.5      -0.4
ROE                                    41.0      37.5      32.0
Liquidity Ratios
Current ratio                           2.1       2.0       1.8
Cash to current liabilities             0.0       0.0       0.2
Cash flow from operations to sales      0.0       0.1       0.2
Activity Ratios
Inventory turnover ratio                3.1       4.3       4.4
Total Assets Turnover                   1.9       2.2       1.9
Fixed Asset Turnover                    6.4       8.0       5.2
Investment Ratios
EPS                                   199.0     220.2     220.9
Dividend yield                          5.0       5.0       3.0
Market Value per share @ year end    2109.9    2513.3    3998.4
---------------------------------------------------------------
Source: Company Records

=====================
Operating Results
===============================================================
Rs (mn)                              1HCY12    1HCY13       Chg
===============================================================
Net sales                             9,470    11,272    19.03%
Gross Profit                          1,915     1,920     0.26%
Gross margin                             20%       17%    3 ppt
Operating Profit                      1,628     1,521    -6.57%
NPAT                                    987       961    -2.63%
EPS                                  106.82    104.07-
---------------------------------------------------------------
Source: Company Records
==========================================

Offline MZ

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #14 on: February 06, 2014, 07:48:36 AM »
Rafhan Maize is the leading manufacturer of refined corn and its derivate industrial ingredients in Pakistan and is a subsidiary of Ingredient Incorporated. The firm has an extensive and diversified product portfolio which includes industrial starches, liquid glucose, dextrose, dextrin and a variety of Gluten meals. Some of the industries it serves include textiles, food, cardboard and paper, confectionery, corrugation, beverages, livestock and animal feeds manufacturers.

HIGHLIGHTS 3Q CY13 At the close of the 3rd Quarter Rafhan had managed a 30 percent growth in sales; thanks to substantial contributions from exports, native and specialty starches and their animal nutrition ingredients segment.

The company was able to pick up and move on from last quarter's terrible performance by making additional sales to export-oriented industries such as composite textile mills and denim manufacturers-who were able to put out sustained demand for the firm's Texo-film brand of starch. Apart from this, the Paper and Corrugation industries also displayed resilience and demand for modified starch from paper and paper converting remained stable.

The sweeteners business performance led by liquid glucose was, however, sluggish, mainly due to high availability of sugar at comparatively lower prices in the local market. However, the firm's export earnings also managed to climb by a whopping 148 percent during the quarter in comparison to the same period of last year-giving a much needed buttress to the their top line.

Nonetheless, from a manufacturing standpoint, the biggest concern plaguing Rafhan continues to be the management of the operating costs that are eroding the firm's margins. Due to the spotty availability of gas and electricity, Rafhan has been compelled to run most of its plant on expensive alternative fuels to ensure continuous supplies of ingredients to the customers. However, this move has negatively impacted their cost of production. Additionally, a 14 percent increase in the minimum support price of wheat, as announced by the Government last year, directly impacted the market price of corn which increased by 25 over last year-adding to the firm's already growing list of woes.

Overall, the phenomenal increase in power rates, continuous devaluation of Pak Rupee, frequent increase in fuel prices and persistent shortage of gas has negatively impacted the overall industrial operations and cost of production for all downstream buyers of Rafhan's products. These constraints have also placed considerable strain on the firm's business and overall profitability--which saw very small year-on-year growth despite a substantial increase in the top line.

1H CY13: A TALE OF SPIRALLING MARGINS The performance of many of the industrial consumers of Rafhan's ingredients remained lukewarm during the first half of CY13, thereby affecting the firm's overall health. During the quarter under review, demand for Rafhan's industrial ingredients remained patchy mainly because the industry in Punjab struggled with power outages.

To add to these woes, the consequent higher use of expensive alternate fuels and the spiraling domestic inflation and devaluation of the Pak Rupee led to an increase in the cost of production across the board for both Rafhan and its downstream buyers.

However, the one standout segment which managed to improve its sales figures this year was the paper sector. Remember that the country's paper industry has been plagued with low capacity utilisation for the better part of the last year as the influx of cheaper imports and the electricity issues weigh heavily on its performance. But the election campaign-which fell right in the middle of the second quarter-saw a revival of sorts with demand piquing for poster paper. Demand from the corrugated segment also remained strong this year, with horticultural exporters making a bigger shift to proper packaging material.

Additionally, demand from large to small scale consumers of industrial ingredients within the food processing sector also remained resilient despite some of the industrial giants facing tough times. According to the company's half year report, the large and medium scale confectionary businesses made for the lion's share of demand for corn starches and liquid sweeteners during the first six months of CY13.

OUTLOOK At the nine month mark, things could certainly have been better for Rafhan. The industrial ingredients giant is struggling to sustain its margins and keep down costs of production as it is but to add insult to injury, their primary raw material also saw supply-side tightening during the year.

Production during the year fell below expectation, resultantly the average price of corn grain climbed by 25 percent year-on-year. Going forward, the high prices of Rafhan's primary raw material coupled with the escalating energy tariffs will continue eroding the company's margins. Moreover, a lot depends on the performance of the downstream industrial consumers of Rafhan's products during the last four months of the year as well. On that front, we expect the textile business to remain robust; however, demand for the firm's food ingredients segment may face some hiccups in the last quarter.

Rafhan Maize Products Co Ltd.
=====================================================================2010        2011        2012
=====================================================================
Net sales                              13,912      18,270      19,531
Gross profit                            3,297       3,799       3,975
Profit from Operations                  2,954       3,399       3,304
NPAT                                    1,837       2,033       2,040
---------------------------------------------------------------------
Profitability Ratios
---------------------------------------------------------------------
GP margin                                23.7        20.8        20.4
NP margin                                13.2        11.1        10.4
Operating leverage                        1.8         0.5        -0.4
ROE                                      41.0        37.5        32.0
---------------------------------------------------------------------
Liquidity Ratios
---------------------------------------------------------------------
Current ratio                             2.1         2.0         1.8
Cash to current liabilities               0.0         0.0         0.2
Cash flow from operations to sales        0.0         0.1         0.2
---------------------------------------------------------------------
Activity Ratios
---------------------------------------------------------------------
Inventory turnover ratio                  3.1         4.3         4.4
Total Assets Turnover                     1.9         2.2         1.9
Fixed Asset Turnover                      6.4         8.0         5.2
---------------------------------------------------------------------
Investment Ratios
---------------------------------------------------------------------
EPS                                     199.0       220.2       220.9
Dividend yield                            5.0         5.0         3.0
Market Value per share @ year end      2109.9      2513.3      3998.4
=====================================================================

=====================================================================
Operating Results @3Q
=====================================================================
Rs(mn)                                 3QCY13      3QCY12         Chg
=====================================================================
Net sales                               6,022       4,617      30.43%
Gross Profit                            1,023       1,004       1.89%
Gross margin                              17%         22%       5 ppt
Operating Profit                          826         839      -1.55%
NPAT                                      689         534      29.03%
EPS                                      74.6       57.88           -
=====================================================================

Source: Company accounts

Offline Sharoze123

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #15 on: February 10, 2014, 11:26:40 PM »
I expect the Eps to be Greater than 300, with the dividend per share being around 130 or so. The company would probably show around 20 percent increase in Revenues and around 30 percent in terms of profitability due to better margins. This is keeping in mind that one of their project didn't go so well and had large losses.
The column of truth has holes in it.

Client asks "So, what's two plus two?". Replies the cooperative accountant" Well, what number did you have in mind?"

ISL-SHEL-HUMNL-DSL-GHNL-SEARLE-CHCC-HCAR-ASL

Offline SBM

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #16 on: April 18, 2014, 02:33:20 AM »
http://rmp.rafhanmaize.com/wp-content/uploads/2014/Rafhan-AR-2013.pdf

company finally has a proper, working website
I hate waking up.

Offline MZ

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #17 on: May 29, 2014, 08:25:48 PM »
RMPL is engaged in the manufacturing and sale of industrial products, such as industrial
starches, liquid glucose, dextrose, dextrin and gluten meals, using maize as
the basic raw material which are used in consuming industries such as textile, paper,
corrugation, chemicals, non-food, food, charcoal, briquettes, laundry, pharmaceutical
and confectionery. Rafhan Maize Products Company Ltd., is located at Faisalabad,
about 1100 kilometers north of Karachi, in Pakistan. The Company processes
thousands of tons of corn every year to produce high quality food ingredients
and industrial products. RMPL is the pioneer in producing diversified type of
starches and sweeteners for multiple applications in more than 50 types of industries.
Rafhan Maize announced its 1QCY14 result. The company posted PAT of 558ml, up
by 34%(YoY) and EPS of Rs 60.41/share. Topline grew by 17%(YoY) .Gross profit
clocked in at around 17% showing a slight growth of 1 %(YoY). Operating profits
surge by 31%. Finance cost soared by sharp 267%(YoY) due to hefty increase in
short term borrowings.


RMPL(ml)                                     1QCY13     1QCY14     YoY
Sales                                          5,269          6,157        17%
COS                                            4,423          5,141        16%
Gross Profit                                 846            1,016         20%
Gross Margins                             16%           17%           0%
Operating Profit                          644             846            31%
Operating Margins                      12%            14%            2%
Finance Cost                                 11             40             267%
PBT                                               633            805          27%
Tax                                               217            247          14%
PAT                                              416             558           34%
EPS                                             45.04          60.41

MMSPL Research

Offline SBM

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Re: RMPL -- Rafhan Maize Products Ltd.
« Reply #18 on: February 18, 2015, 11:01:25 AM »


Final dividend 85 rupees
I hate waking up.

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