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MC4 profit soars to SAR 200.8M in 2025; Q4 at SAR 61.9M
Fourth Milling Co. (MC4) reported a net profit of SAR 200.8 million for 2025, a 17.5% rise from SAR 170.9 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 617.49 | 660.41 | 7.0 % |
| Gross Income | 283.03 | 306.38 | 8.2 % |
| Operating Income | 198.37 | 211.79 | 6.8 % |
| Net Income | 170.93 | 200.79 | 17.5 % |
| Average Shares | 540.00 | 540.00 | - |
| Earnings Per Share before unusual items (Riyals) | 0.33 | 0.37 | 10.3 % |
| EPS (Riyal) | 0.32 | 0.37 | 17.5 % |
Revenue rose 7% year-on-year (YoY) driven by expansion in the flour segment, which recorded a 13% YoY growth in sales volumes.
The bran segment maintained a performance level similar to the previous year, while improved bran prices supported revenue growth during the current year.
On the other hand, sales volumes in the feed segment declined by 17% YoY. Higher revenues supported profit margins, while the cost of goods sold rose by only 6% compared to 2024.
General and administrative expenses remained at the same level as last year.
Selling and distribution expenses increased by 38% YoY due to higher logistics and marketing costs, while improved cash liquidity management boosted financial income from Shariah-compliant deposits by 34% YoY.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 155.20 | 191.47 | 23.4 % |
| Gross Income | 69.37 | 93.40 | 34.6 % |
| Operating Income | 53.57 | 66.86 | 24.8 % |
| Net Income | 42.10 | 61.93 | 47.1 % |
| Average Shares | 540.00 | 540.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.09 | 0.11 | 29.4 % |
| EPS (Riyal) | 0.08 | 0.11 | 47.1 % |
In Q4 2025, MC4’s net earnings soared by 47.1% to SAR 61.93 million, from SAR 42.1 million in the prior-year period.
Sequentially, net earnings climbed by 18.8% from SAR 52.1 million in Q3 2025.
Total shareholders’ equity, after minority interest, reached SAR 794.72 million as of Dec. 31, 2025, up from SAR 713.37 million a year earlier.
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Share Price
| Current | |
| Market Cap (M Riyal) | 2,089.80 |
| Enterprise Value (EV) (M Riyal) | 1,913.50 |
| Shares Outstanding ((M)) | 540.00 |
| Recurring EPS ( Riyal) (TTM) | 0.41 |
| Book Value (BV) ( Riyal) | 1.51 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E (TTM) | 9.43 |
| P/E (TTM) | 9.43 |
| Price/book | 2.57 |
| Dividend Yield (%) (Last Year) | 6.20 |
| Return on Average Assets (%) (TTM) | 18.0 |
| Return on Average Equity (%) (TTM) | 28.7 |
| EV/adj EBITDA | 6.49 |
| EV/Revenues | 2.66 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 166.13 | 0.3 % | 77.96 | (1.8 %) | 54.22 | (0.6 %) |
| Q2 2025 | 138.02 | 0.9 % | 59.78 | 4.6 % | 37.70 | 0.8 % |
| Q3 2025 | 164.78 | 3.0 % | 75.24 | (2.4 %) | 53.01 | 0.3 % |
| Q4 2025 | 191.47 | 23.4 % | 93.40 | 34.6 % | 66.86 | 24.8 % |
| 2025 | 660.41 | 7.0 % | 306.38 | 8.2 % | 211.79 | 6.8 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 52.70 | 8.4 % | 0.10 | 2.36 | 50.34 | 0.09 |
| Q2 2025 | 34.05 | 2.7 % | 0.06 | 0.54 | 33.51 | 0.06 |
| Q3 2025 | 52.12 | 10.7 % | 0.10 | - | 52.12 | 0.10 |
| Q4 2025 | 61.93 | 47.1 % | 0.11 | - | 61.93 | 0.11 |
| 2025 | 200.79 | 17.5 % | 0.37 | 2.90 | 197.89 | 0.37 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 44.40 % | 38.18 % | 25.83 % |
| Q2 2024 | 44.62 % | 38.56 % | 26.54 % |
| Q3 2024 | 45.77 % | 38.76 % | 27.33 % |
| Q4 2024 | 45.84 % | 40.74 % | 29.04 % |
| 2024 | 45.84 % | 40.74 % | 29.04 % |
| Q1 2025 | 45.56 % | 40.75 % | 29.29 % |
| Q2 2025 | 45.89 % | 40.80 % | 29.30 % |
| Q3 2025 | 45.24 % | 40.57 % | 29.45 % |
| Q4 2025 | 46.39 % | 40.42 % | 29.97 % |
| 2025 | 46.39 % | 40.42 % | 29.97 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 540.00 | 0.32 | 0.34 | 1.31 |
| Q2 2025 | 540.00 | 0.33 | 0.34 | 1.37 |
| Q3 2025 | 540.00 | 0.34 | 0.34 | 1.36 |
| Q4 2025 | 540.00 | 0.37 | 0.37 | 1.47 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 12.68 | 12.26 | 3.14 |
| Q2 2025 | 11.85 | 11.49 | 2.81 |
| Q3 2025 | 11.34 | 11.16 | 2.80 |
| Q4 2025 | 9.49 | 9.63 | 2.40 |
Business Segments (Million Riyal)
Q3 2025
| Period | Flour | bran | Fodder | Discount and Rebates |
|---|---|---|---|---|
| Q1 2025 | 113.08 | 42.08 | 14.98 | - |
| Q2 2025 | 93.63 | 37.46 | 9.51 | - |
| Q3 2025 | 112.54 | 46.87 | 9.62 | - |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 54.00 | 61.93 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Riyad Capital | 54.00 | 61.93 |
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