Financials of Tadawul’s 4 listed milling firms in focus: Argaam Charts

Modern Mills’ 12-month earnings per share (EPS) before one-offs amounted to around SAR 2.62 (or SAR 26.20 per share given its SAR 1 par value). On the other hand, First Mills’ EPS reached roughly SAR 4.52, while that of MC4 was estimated at SAR 0.33 (or SAR 3.30 as its par value is SAR 1).

In terms of revenues for the last 12 months, First Mills led with nearly SAR 1.04 billion. Modern Mills came in next at SAR 1 billion, followed by Arabian Mills (SAR 974 million) and MC4 (SAR 629 million).

Meanwhile, the trailing 12-month P/E ratio for Arabian Mills reached 11.1x, followed by MC4 (12.4x), then First Mills (SAR 13.4x) and Modern Mills (15x).

By the end of Q3 2024, Arabian Mills’ gross profit margin (GPM) amounted to around 48.8%. For 2024, MC4 logged a GPM of 47.4%, followed by First Mills (43.6%) and Modern Mills (37.3%).

Modern Mills stock’s book value amounted to SAR 3.21 (SAR 32.10 after adjusting the par value to SAR 10). Meanwhile, Arabian Mills recorded a book value of nearly SAR 20.17 in 2024, while that of First Mills reached SAR 17.03 and that of MC4 amounted to SAR 1.32 (or SAR 13.20 after adjusting the par value to SAR 10).

This came as MC4’s net debt totaled SAR (-196.5) million, followed by Modern Mills (SAR 464 million), then Arabian Mills (SAR 802.6 million) and First Mills (SAR 916.2 million).

First Mills’ market share amounted to about 29%, followed by Arabian Mills (28%), Modern Mills (21%) and MC4 (19%).