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MC4 profit jumps 20% to SAR 170.9M in 2024; Q4 at SAR 42.1M
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 558.09 | 629.03 | 12.7 % |
| Gross Income | 246.17 | 294.57 | 19.7 % |
| Operating Income | 163.83 | 198.37 | 21.1 % |
| Net Income | 142.82 | 170.93 | 19.7 % |
| Average Shares | 540.00 | 540.00 | - |
| Earnings Per Share before unusual items | 0.27 | 0.33 | 22.1 % |
| EPS (Riyals) | 0.26 | 0.32 | 19.7 % |
The rise in revenue was driven by the strong performance in various flour categories, which contributed 15% growth, compared to the previous year. Feed and bran revenues increased by 12% YoY. The company also reported a 16% YoY rise in volumes, backed by a stronger footprint and broader geographic coverage.
On the other hand, MC4 recorded higher administrative expenses due to filling vacancies, and certain one-off expenses of SAR 8.8 million that affected 2024 profitability.
Lease contracts finance costs increased by SAR 3.5 million YoY, but the increase was partially offset by additional income from Shariah-compliant investment deposits of SAR 1.7 million.
The fourth-quarter net earnings also climbed 20% to SAR 42.1 million from SAR 35.1 million in Q4 2023.
On a quarterly basis, net earnings dropped 10.5% from SAR 47 million in Q3 2024.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 147.40 | 166.74 | 13.1 % |
| Gross Income | 65.39 | 80.91 | 23.7 % |
| Operating Income | 38.14 | 53.57 | 40.4 % |
| Net Income | 35.17 | 42.10 | 19.7 % |
| Average Shares | 540.00 | 540.00 | - |
| Earnings Per Share before unusual items | 0.07 | 0.09 | 36.0 % |
| EPS (Riyals) | 0.07 | 0.08 | 19.7 % |
Total shareholders’ equity, after minority interest, reached SAR 713.37 million as of Dec. 31, 2024, up from SAR 683.01 million a year earlier.
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Share Price
Fourth Milling Co. (FOURTH MILLING)
| Current | |
| Market Cap (M Riyal) | 2,138.40 |
| Enterprise Value (EV) (M) | 1,941.93 |
| Shares Outstanding ((M)) | 540.00 |
| EPS ( Riyal) (TTM) | 0.32 |
| Book Value (BV) ( Riyal) | 1.32 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 11.92 |
| P/E (TTM) | 12.51 |
| Price/book | 3.00 |
| Return on Average Assets (%) (TTM) | 14.5 |
| Return on Average Equity (%) (TTM) | 24.5 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 170.33 | 5.1 % | 84.19 | 5.8 % | 54.54 | (4.2 %) |
| Q2 2024 | 138.12 | 19.9 % | 58.48 | 26.4 % | 37.40 | 41.2 % |
| Q3 2024 | 159.93 | 17.0 % | 77.19 | 29.3 % | 52.87 | 25.1 % |
| Q4 2024 | 166.74 | 13.1 % | 80.91 | 23.7 % | 53.57 | 40.4 % |
| 2024 | 629.03 | 12.7 % | 294.57 | 19.7 % | 198.37 | 21.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 48.62 | 6.8 % | 0.09 | - | 48.62 | 0.09 |
| Q2 2024 | 33.15 | 41.6 % | 0.06 | - | 33.15 | 0.06 |
| Q3 2024 | 47.06 | 21.5 % | 0.09 | (2.66) | 49.72 | 0.09 |
| Q4 2024 | 42.10 | 19.7 % | 0.08 | (5.74) | 47.85 | 0.09 |
| 2024 | 170.93 | 19.7 % | 0.32 | (8.40) | 179.33 | 0.33 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 44.87 % | 37.74 % | 25.62 % |
| Q2 2024 | 45.19 % | 38.16 % | 26.27 % |
| Q3 2024 | 46.32 % | 38.38 % | 27.06 % |
| Q4 2024 | 47.36 % | 39.61 % | 28.24 % |
| 2024 | 46.83 % | 39.99 % | 28.51 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 540.00 | 0.27 | 0.27 | - |
| Q2 2024 | 540.00 | 0.29 | 0.29 | 1.27 |
| Q3 2024 | 540.00 | 0.30 | 0.31 | 1.35 |
| Q4 2024 | 540.00 | 0.32 | 0.33 | 1.32 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | 12.76 | 12.16 | 3.06 |
Business Segments (Million)
Q4 2024
| Period | Flour | bran | Fodder | Discount and Rebates |
|---|---|---|---|---|
| Q1 2024 | 118.71 | 46.87 | 10.66 | (5.90) |
| Q2 2024 | 92.35 | 37.68 | 11.00 | (2.91) |
| Q3 2024 | 103.28 | 50.65 | 15.43 | (9.44) |
| Q4 2024 | 111.64 | 47.34 | 16.24 | (8.48) |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change | Q4 2024 (before unusual items) | Change |
|---|---|---|---|---|---|
| Average | 45.00 | 42.10 | (6.4 %) | 47.85 | 6.32 % |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change | Q4 2024 (before unusual items) | Change |
|---|---|---|---|---|---|
| Riyad Capital | 45.00 | 42.10 | (6.4) % | 47.85 | 6.3 % |
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