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^The historical stock prices have been adjusted to reflect stock splits to ensure comparability over time.
Company Profile
Rafhan Maize Products Company Limited was incorporated in Pakistan. Ingredion Incorporated Chicago. U.S.A., holds majority shares of the Company. The Company uses maize as the basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals.
| Humair Ijaz | CEO |
| Michael Fergus O'Riordan | Chairperson |
| Mustafa Kamal Zuberi | Company Secretary |
FAMCO Share Registration Services (Pvt.) Ltd., 8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi
KPMG Taseer Hadi & Co. Chartered Accountants Lahore
December
Equity Profile
Announcements
| Date | Title | Document |
|---|---|---|
| May 8, 2026 | Credit of final cash dividend for the year ended December 31, 2025 | View |
| Apr 30, 2026 | Transmission of Quarterly Financial Statements for the Period Ended March 31, 2026 | View PDF |
| Apr 17, 2026 | Financial Results for the Quarter Ended March 31, 2026 | View PDF |
| Apr 3, 2026 | Transmission of Annual Report for the Year Ended December 31, 2025 | View PDF |
| Mar 17, 2026 | Financial Results for the Year Ended December 31, 2025 | View PDF |
| Date | Title | Document |
|---|---|---|
| May 15, 2026 | General Meetings / Briefing Sessions | View |
| May 13, 2026 | General Meetings / Briefing Sessions | View |
| Apr 27, 2026 | CERTIFIED TRUE COPY OF RESOLUTIONS PASSED BY THE SHAREHOLDERS AT THE 138TH ANNUAL GENERAL MEETING | View PDF |
| Apr 8, 2026 | Board Meeting | View PDF |
| Apr 3, 2026 | Notice of Annual General Meeting | View PDF |
| Date | Title | Document |
|---|---|---|
| May 13, 2026 | Published Copies of Advertisement regarding Commencement of Acceptance Period for Public Offer of Rafhan Maize Products Company Limited | View PDF |
| May 11, 2026 | Credit of Interim Cash Dividend | View |
| May 8, 2026 | Notice of Corporate Briefing Session | View |
| Apr 17, 2026 | Material Information | View PDF |
| Apr 1, 2026 | Material Information | View PDF |
Financials
All numbers in thousands (000's) except EPS
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Sales | 73,362,632 | 69,922,596 | 65,466,700 | 58,755,773 |
| Profit after Taxation | 6,534,843 | 7,475,113 | 6,912,778 | 6,179,385 |
| EPS | 707.51 | 809.31 | 748.43 | 669.02 |
| Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | |
|---|---|---|---|---|
| Sales | 19,043,839 | 18,913,059 | 17,470,034 | 19,060,166 |
| Profit after Taxation | 2,032,881 | 1,223,662 | 1,911,058 | 1,955,046 |
| EPS | 220.09 | 132.48 | 206.90 | 211.67 |

Ratios
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Gross Profit Margin (%) | 18.83 | 20.92 | 21.37 | 20.14 |
| Net Profit Margin (%) | 8.91 | 10.69 | 10.56 | 10.52 |
| EPS Growth (%) | (12.58) | 8.13 | 11.87 | (1.25) |
| PEG | (1.13) | 1.37 | 1.13 | (10.92) |









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