Arabian Mills H1 2024 profit leaps 41% to SAR 101.5M; Q2 at SAR 46.1M

22/08/2024 Argaam Exclusive
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Arabian Mills for Food Products Co., which is set to list on TASI, reported a net profit of SAR 101.5 million for the first half of 2024, leaping 41% from SAR 71.8 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 399.87 464.79 16.2 %
Gross Income 182.65 217.43 19.0 %
Operating Income 132.61 145.37 9.6 %
Net Income 71.83 101.51 41.3 %
Average Shares 51.32 51.32 -
EPS (Riyals) 1.40 1.98 41.3 %

The profit growth was due to a 16% rise YoY in H1 2024 revenues to SAR 464.8 million, as well as an increase in gross profit margin to 47% from 46%. This is in addition to lower financing burdens by 29% to SAR 43.9 million, along with lower Zakat expenses.

 

However, the company reported a fall in operating profit margin to 31%, as well as lower financing revenues from SAR 6.3 million to SAR 2 million.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached SAR 186.4 million in H1 2024, compared with SAR 171.3 million a year before.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 174.23 226.57 30.0 %
Gross Income 74.26 106.84 43.9 %
Operating Income 50.20 67.65 34.7 %
Net Income 20.40 46.12 126.1 %
Average Shares 51.32 51.32 -
EPS (Riyals) 0.40 0.90 126.1 %

The second-quarter net earnings soared 126.1% to SAR 46.1 million, from SAR 20.40 million in Q2 2023, driven by higher revenues and gross profit margin, as well as lower financing and Zakat expenses.

 

Meanwhile, Q2 2024 net earnings dropped 16.7% from SAR 55.38 million in Q1 2024.

 

Total shareholders’ equity, no minority interest, increased to SAR 924.5 million as of June 30, 2024, from SAR 690.8 million in the earlier-year period. 

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Share Price

Arabian Mills for Food Products Co. (ARABIAN MILLS)

Created with Highstock 6.0.710:1010:2010:3010:5011:0011:1011:2011:4012:0012:2012:4012:5013:1013:2013:3013:4013:5014:0014:1014:2014:3014:4014:5015:1048.248.348.448.548.648.748.848.94949.1
Close : 48.60 | Jan 2, 15:19

Current
Market Cap (M Riyal) 2,494.15
Enterprise Value (EV) (M) 3,296.78
Shares Outstanding ((M)) 51.32
EPS ( Riyal) (TTM) 4.22
Book Value (BV) ( Riyal) 19.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.53
P/E (TTM) 11.53
Price/book 2.55
Return on Average Assets (%) (TTM) -
Return on Average Equity (%) (TTM) 24.9


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 225.65 - 108.39 - 82.41 -
Q2 2023 174.23 - 74.26 - 50.20 -
Q3 2023 228.18 - 114.18 - 89.69 -
Q4 2023 234.03 - 118.89 - 83.96 -
2023 862.08 (4.5 %) 415.51 0.7 % 306.27 5.9 %
Q1 2024 239.92 6.3 % 112.29 3.6 % 77.72 (5.7 %)
Q2 2024 226.57 30.0 % 106.84 43.9 % 67.65 34.7 %



Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 51.43 - 1.00 - 51.43 1.00
Q2 2023 20.40 - 0.40 - 20.40 0.40
Q3 2023 68.49 - 1.33 - 68.49 1.33
Q4 2023 59.96 - 1.17 - 59.96 1.17
2023 200.28 (21.5 %) 3.90 - 200.28 3.90
Q1 2024 55.38 7.7 % 1.08 - 55.38 1.08
Q2 2024 46.12 126.1 % 0.90 - 46.12 0.90

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 48.22 % 43.98 % 23.23 %
Q1 2024 47.88 % 42.73 % 23.31 %
Q2 2024 48.69 % 42.45 % 24.76 %



Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 51.32 - - 13.06
Q2 2023 51.32 - - 13.46
Q3 2023 51.32 - - 14.80
Q4 2023 51.32 3.90 3.90 16.04
Q1 2024 51.32 3.98 3.98 17.12
Q2 2024 51.32 4.48 4.48 18.02

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -

Business Segments (Million)

Compared With The
Period Flour Bran Fodder Discounts
Q1 2023 137.97 56.49 32.24 (1.05)
Q2 2023 111.38 44.77 18.43 (0.36)
Q3 2023 130.65 59.71 39.56 (1.74)
Q4 2023 141.55 59.64 43.01 (10.17)
Q1 2024 140.56 70.35 40.92 (11.90)
Q2 2024 120.46 72.29 45.61 (11.80)

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