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Modern Mills profit up 3% to SAR 208.7M in 2024; Q4 at SAR 50.8M
04/03/2025
Argaam Exclusive
Modern Mills for Food Products Co. reported a net profit of SAR 208.7 million in 2024, an increase of 3% from SAR 201.8 million a year earlier.
Financials (Million Riyal)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 938.62 | 1,014.98 | 8.1 % |
| Gross Income | 345.74 | 388.05 | 12.2 % |
| Operating Income | 253.52 | 259.05 | 2.2 % |
| Net Income | 201.81 | 208.67 | 3.4 % |
| Average Shares | 81.83 | 81.83 | - |
| Earnings Per Share before unusual items (Riyals) | 2.47 | 2.62 | 6.4 % |
| EPS (Riyal) | 2.47 | 2.55 | 3.4 % |
Revenue increased by 6.6% to SAR 1 billion in 2024, driven by growth across all segments, product development, expansions, and market share gains.
Other divers included higher gross profit margins, despite the one-off finance cost of SAR 8.4 million related to debt restructuring (expected to lower Murabaha interest expenses).
Current Quarter Comparison (Million Riyal)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 247.51 | 281.84 | 13.9 % |
| Gross Income | 91.34 | 113.33 | 24.1 % |
| Operating Income | 63.70 | 58.09 | (8.8 %) |
| Net Income | 51.12 | 50.78 | (0.7 %) |
| Average Shares | 81.83 | 81.83 | - |
| Earnings Per Share before unusual items (Riyal) | 0.62 | 0.59 | (5.1 %) |
| EPS (Riyal) | 0.62 | 0.62 | (0.7 %) |
Q4 2024 net earnings stood at SAR 50.8 million, slightly lower than SAR 51.1 million in Q4 2023.
On a sequential basis, net profit grew by 4.9% from SAR 48.4 million in Q3 2024.
Total shareholders’ equity, no minority interest, stood at SAR 262.55 million by Dec. 31, 2024, compared to SAR 247.65 million a year earlier.
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Share Price
| Current | |
| Market Cap (M Riyal) | 2,191.46 |
| Enterprise Value (EV) (M Riyal) | 2,752.63 |
| Shares Outstanding ((M)) | 81.83 |
| Recurring EPS ( Riyal) (TTM) | 2.86 |
| Book Value (BV) ( Riyal) | 4.19 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E (TTM) | 9.37 |
| P/E (TTM) | 9.37 |
| Price/book | 6.40 |
| Dividend Yield (%) (Last Year) | 7.47 |
| Return on Average Assets (%) (TTM) | 18.1 |
| Return on Average Equity (%) (TTM) | 76.1 |
| EV/adj EBITDA | 7.93 |
| EV/Revenues | 2.33 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 257.81 | 2.2 % | 99.12 | (3.2 %) | 76.80 | 0.2 % |
| Q2 2024 | 222.99 | 11.6 % | 81.39 | 17.5 % | 55.54 | 4.0 % |
| Q3 2024 | 252.35 | 5.5 % | 94.22 | 13.4 % | 68.62 | 14.9 % |
| Q4 2024 | 281.84 | 13.9 % | 113.33 | 24.1 % | 58.09 | (8.8 %) |
| 2024 | 1,014.98 | 8.1 % | 388.05 | 12.2 % | 259.05 | 2.2 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 64.98 | 1.4 % | 0.79 | - | 64.98 | 0.79 |
| Q2 2024 | 44.51 | 8.2 % | 0.54 | - | 44.51 | 0.54 |
| Q3 2024 | 48.40 | 6.5 % | 0.59 | (8.40) | 56.80 | 0.69 |
| Q4 2024 | 50.78 | (0.7 %) | 0.62 | 2.28 | 48.50 | 0.59 |
| 2024 | 208.67 | 3.4 % | 2.55 | (6.12) | 214.79 | 2.62 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 38.66 % | 33.42 % | 23.66 % |
| Q2 2023 | 38.79 % | 34.25 % | 23.74 % |
| Q3 2023 | 37.01 % | 33.20 % | 22.19 % |
| Q4 2023 | 36.87 % | 33.24 % | 21.50 % |
| 2023 | 36.84 % | 33.24 % | 21.50 % |
| Q1 2024 | 36.31 % | 33.15 % | 21.47 % |
| Q2 2024 | 36.69 % | 32.59 % | 21.30 % |
| Q3 2024 | 37.33 % | 33.13 % | 22.17 % |
| Q4 2024 | 38.23 % | 31.39 % | 21.16 % |
| 2024 | 38.23 % | 31.39 % | 21.16 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 81.83 | 2.48 | 2.48 | 3.43 |
| Q2 2024 | 81.83 | 2.52 | 2.52 | 2.98 |
| Q3 2024 | 81.83 | 2.55 | 2.66 | 2.58 |
| Q4 2024 | 81.83 | 2.55 | 2.62 | 3.21 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 25.03 | 25.03 | 18.09 |
| Q2 2024 | 19.84 | 19.84 | 16.76 |
| Q3 2024 | 18.95 | 18.22 | 18.75 |
| Q4 2024 | 16.14 | 15.68 | 12.83 |
Business Segments (Million Riyal)
Q3 2023
| Period | flour | fodder | bran |
|---|---|---|---|
| Q1 2023 | 121.85 | 100.44 | 29.95 |
| Q2 2023 | 83.89 | 86.89 | 28.95 |
| Q3 2023 | 99.57 | 116.20 | 23.37 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 55.73 | 50.78 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| SNB Capital | 53.90 | 50.78 | 48.50 | ||
| GIB Capital | 54.00 | 50.78 | 48.50 | ||
| Al Rajhi Capital | 56.00 | 50.78 | 48.50 | ||
| AlJazira Capital | 59.00 | 50.78 | 48.50 |
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