Arabian Mills 2025 profit rises 11% to SAR 237M; Q4 at SAR 56.9M
Arabian Mills for Food Products Co. (Arabian Mills) reported a net profit rise of 11% to SAR 237 million in 2025, from SAR 213.6 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 973.94 | 997.66 | 2.4 % |
| Gross Income | 450.71 | 470.81 | 4.5 % |
| Operating Income | 297.70 | 305.09 | 2.5 % |
| Net Income | 213.64 | 237.04 | 11.0 % |
| Average Shares | 51.32 | 51.32 | - |
| Earnings Per Share before unusual items (Riyals) | 4.16 | 4.62 | 11.0 % |
| EPS (Riyal) | 4.16 | 4.62 | 11.0 % |
The profit growth was attributed to a 2.44% year-on-year (YoY) rise in revenue to SAR 23.72 million, supported mainly by a 7.86% increase in flour revenue amounting to SAR 42.02 million, driven by the company’s strategy to expand its market share across both business and retail segments.
Feed revenue also rose by 3.65% YoY to SAR 6.73 million, amid stronger demand from the livestock sector, while bran revenue declined due to increased internal utilization of bran to prioritize feed production in response to higher demand in the feed market.
Gross profit increased by 4.46% YoY to SAR 470.81 million in 2025, reflecting improved profitability compared to the previous year.
Profitability was further supported by better management of general, administrative and operating expenses.
The company also benefited from lower financing costs that decreased by SAR 12.93 million after reducing debt through voluntary repayments.
In addition, financing income rose by 54.25% YoY, driven by higher returns from Shariah-compliant deposits.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 264.81 | 272.95 | 3.1 % |
| Gross Income | 120.14 | 132.10 | 10.0 % |
| Operating Income | 75.61 | 81.89 | 8.3 % |
| Net Income | 57.22 | 56.94 | (0.5 %) |
| Average Shares | 51.32 | 51.32 | - |
| Earnings Per Share before unusual items (Riyal) | 1.11 | 1.11 | (0.5 %) |
| EPS (Riyal) | 1.11 | 1.11 | (0.5 %) |
The net earnings in Q4 2025 inched down by 0.5% to SAR 56.94 million, from SAR 57.22 million in Q4 2024.
Sequentially, the company’s net profit fell 8.9% from SAR 62.54 million.
Total shareholders’ equity, excluding minority interest, advanced to SAR 1.24 billion by Dec. 31, 2025, compared to SAR 1.03 billion in a prior-year period.
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Share Price
| Current | |
| Market Cap (M Riyal) | 2,051.77 |
| Enterprise Value (EV) (M Riyal) | 2,351.65 |
| Shares Outstanding ((M)) | 51.32 |
| Recurring EPS ( Riyal) (TTM) | 5.17 |
| Book Value (BV) ( Riyal) | 27.29 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 7.73 |
| P/E (TTM) | 7.73 |
| Price/book | 1.47 |
| Dividend Yield (%) (Last Year) | 2.50 |
| Return on Average Assets (%) (TTM) | 11.2 |
| Return on Average Equity (%) (TTM) | 20.5 |
| EV/adj EBITDA | 5.67 |
| EV/Revenues | 2.29 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 247.83 | 4.0 % | 115.50 | 2.2 % | 81.03 | 4.2 % |
| Q2 2025 | 230.39 | 1.7 % | 106.10 | 1.6 % | 69.65 | 3.0 % |
| Q3 2025 | 246.49 | 0.9 % | 114.48 | 1.3 % | 76.35 | (0.5 %) |
| Q4 2025 | 272.95 | 3.1 % | 132.10 | 10.0 % | 81.89 | 8.3 % |
| 2025 | 997.66 | 2.4 % | 470.81 | 4.5 % | 305.09 | 2.5 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 63.94 | 15.4 % | 1.25 | - | 63.94 | 1.25 |
| Q2 2025 | 53.62 | 16.2 % | 1.04 | - | 53.62 | 1.04 |
| Q3 2025 | 62.54 | 13.9 % | 1.22 | - | 62.54 | 1.22 |
| Q4 2025 | 56.94 | (0.5 %) | 1.11 | - | 56.94 | 1.11 |
| 2025 | 237.04 | 11.0 % | 4.62 | - | 237.04 | 4.62 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 49.15 % | 42.81 % | 23.35 % |
| Q2 2024 | 49.63 % | 42.53 % | 24.81 % |
| Q3 2024 | 48.66 % | 40.88 % | 22.94 % |
| Q4 2024 | 46.28 % | 38.71 % | 21.94 % |
| 2024 | 46.28 % | 38.71 % | 21.94 % |
| Q1 2025 | 46.07 % | 38.58 % | 22.59 % |
| Q2 2025 | 46.06 % | 38.47 % | 23.26 % |
| Q3 2025 | 46.11 % | 38.39 % | 23.98 % |
| Q4 2025 | 46.93 % | 39.36 % | 23.76 % |
| 2025 | 47.19 % | 38.98 % | 23.76 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 51.32 | 4.33 | 4.33 | 21.42 |
| Q2 2025 | 51.32 | 4.48 | 4.48 | 21.89 |
| Q3 2025 | 51.32 | 4.62 | 4.62 | 23.10 |
| Q4 2025 | 51.32 | 4.62 | 4.62 | 24.20 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 11.32 | 11.32 | 2.29 |
| Q2 2025 | 9.37 | 9.37 | 1.92 |
| Q3 2025 | 9.05 | 9.05 | 1.81 |
| Q4 2025 | 8.38 | 8.38 | 1.60 |
Business Segments (Million Riyal)
Q4 2025
| Period | Flour | Bran | Fodder | Discounts |
|---|---|---|---|---|
| Q1 2025 | 145.70 | 56.86 | 45.27 | - |
| Q2 2025 | 128.71 | 60.04 | 41.64 | - |
| Q3 2025 | 140.89 | 52.60 | 52.99 | - |
| Q4 2025 | 161.20 | 60.30 | 51.45 | - |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 60.00 | 56.94 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| GIB Capital | 60.00 | 56.94 |
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