Modern Mills 9M 2024 profit rises to SAR 157.9M, Q3 at SAR 48.4M

Modern Mills for Food Products Co. (Modern Mills) reported a net profit of SAR 157.9 million in the first nine months of 2024, up from SAR 150.7 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	691.12	733.14	6.1 %
Gross Income	254.40	274.72	8.0 %
Operating Income	189.82	200.96	5.9 %
Net Income	150.69	157.89	4.8 %
Average Shares	81.83	81.83	-
EPS (Riyals)	1.84	1.93	4.8 %

Revenue increased by 6.1% year-on-year (YoY) to SAR 733.1 million in the current period, mainly driven by the growth in market share, geographical expansion, and launch of new products, especially in the animal feed segment.

However, the company posted an exceptional rise in financing costs by SAR 8.4 million (a non-recurring expense) due to debt restructuring.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	239.14	252.35	5.5 %
Gross Income	83.07	94.22	13.4 %
Operating Income	59.74	68.62	14.9 %
Net Income	45.45	48.40	6.5 %
Average Shares	81.83	81.83	-
EPS (Riyals)	0.56	0.59	6.5 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	222.99	252.35	13.2 %
Gross Income	81.39	94.22	15.8 %
Operating Income	55.66	68.62	23.3 %
Net Income	44.51	48.40	8.7 %
Average Shares	81.83	81.83	-
EPS (Riyals)	0.54	0.59	8.7 %

The Q3 2024 net earnings grew by 6.5% to SAR 48.4 million from SAR 45.4 million a year before, as revenues increased by 5.5% YoY to SAR 252.4 million.

On a quarterly basis, the third-quarter net profit jumped 8.7% from SAR 44.5 million in Q2 2024.

Total shareholders’ equity, no minority interest, stood at SAR 211.27 million by Sept. 30, 2024, compared to SAR 261.70 million in a prior-year period.

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Share Price

Modern Mills for Food Products Co. (MODERN MILLS)

	Current
Market Cap (M Riyal)	3,342.84
Enterprise Value (EV) (M)	3,843.00
Shares Outstanding ((M))	81.83
EPS ( Riyal) (TTM)	2.55
Book Value (BV) ( Riyal)	2.58
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	15.99
P/E (TTM)	15.99
Price/book	15.82
Return on Average Assets (%) (TTM)	17.4
Return on Average Equity (%) (TTM)	88.4

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	449.74	-	123.41	-	45.45	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	435.28	(3.2 %)	137.89	11.7 %	70.52	55.2 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	555.01	27.5 %	162.46	17.8 %	88.50	25.5 %
Q1 2022	238.42	-	85.02	-	69.10	-
Q2 2022	223.21	-	77.10	-	54.72	-
Q3 2022	239.90	-	100.51	-	70.84	-
Q4 2022	276.47	-	103.39	-	74.75	-
2022	978.00	76.2 %	366.01	125.3 %	269.41	204.4 %
Q1 2023	252.25	5.8 %	102.40	20.5 %	76.67	10.9 %
Q2 2023	199.73	(10.5 %)	69.28	(10.1 %)	53.42	(2.4 %)
Q3 2023	239.14	(0.3 %)	83.07	(17.4 %)	59.74	(15.7 %)
Q4 2023	247.51	(10.5 %)	90.42	(12.5 %)	63.70	(14.8 %)
2023	938.62	(4.0 %)	345.74	(5.5 %)	253.52	(5.9 %)
Q1 2024	257.81	2.2 %	99.12	(3.2 %)	76.80	0.2 %
Q2 2024	222.99	11.6 %	81.39	17.5 %	55.66	4.2 %
Q3 2024	252.35	5.5 %	94.22	13.4 %	68.62	14.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	449.74	-	123.41	-	45.45	-
2020	435.28	(3.2 %)	137.89	11.7 %	70.52	55.2 %
2021	555.01	27.5 %	162.46	17.8 %	88.50	25.5 %
2022	978.00	76.2 %	366.01	125.3 %	269.41	204.4 %
2023	938.62	(4.0 %)	345.74	(5.5 %)	253.52	(5.9 %)

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	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	39.89	-	0.49	-	39.89	0.49
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	64.93	62.8 %	0.79	-	64.93	0.79
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	79.51	22.5 %	0.97	-	79.51	0.97
Q1 2022	62.46	-	0.76	-	62.46	0.76
Q2 2022	45.88	-	0.56	-	45.88	0.56
Q3 2022	60.66	-	0.74	-	60.66	0.74
Q4 2022	64.02	-	0.78	-	64.02	0.78
2022	233.01	193.0 %	2.85	-	233.01	2.85
Q1 2023	64.11	2.6 %	0.78	-	64.11	0.78
Q2 2023	41.13	(10.4 %)	0.50	-	41.13	0.50
Q3 2023	45.45	(25.1 %)	0.56	-	45.45	0.56
Q4 2023	51.12	(20.1 %)	0.62	-	51.12	0.62
2023	201.81	(13.4 %)	2.47	-	201.81	2.47
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	-	48.40	0.59

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	39.89	-	0.49	-	39.89	0.49
2020	64.93	62.8 %	0.79	-	64.93	0.79
2021	79.51	22.5 %	0.97	-	79.51	0.97
2022	233.01	193.0 %	2.85	-	233.01	2.85
2023	201.81	(13.4 %)	2.47	-	201.81	2.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	27.44 %	20.11 %	8.87 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	31.68 %	26.83 %	14.92 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	29.27 %	25.37 %	14.33 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	37.42 %	33.02 %	23.83 %
2022	37.42 %	33.02 %	23.83 %
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	36.77 %	33.24 %	21.50 %
2023	36.84 %	33.24 %	21.50 %
Q1 2024	36.21 %	33.15 %	21.47 %
Q2 2024	36.59 %	32.60 %	21.30 %
Q3 2024	37.23 %	33.15 %	21.31 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	27.44 %	20.11 %	8.87 %
2020	31.68 %	26.83 %	14.92 %
2021	29.27 %	25.37 %	14.33 %
2022	37.42 %	33.02 %	23.83 %
2023	36.84 %	33.24 %	21.50 %

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	35.66 %	34.46 %	26.20 %
Q2 2022	34.54 %	30.39 %	20.55 %
Q3 2022	41.90 %	35.19 %	25.28 %
Q4 2022	37.40 %	32.03 %	23.15 %
Q1 2023	40.60 %	35.96 %	25.42 %
Q2 2023	34.69 %	34.05 %	20.59 %
Q3 2023	34.74 %	30.92 %	19.01 %
Q4 2023	36.53 %	32.07 %	20.66 %
Q1 2024	38.45 %	35.54 %	25.21 %
Q2 2024	36.50 %	31.58 %	19.96 %
Q3 2024	37.34 %	33.13 %	19.18 %

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	81.83	-	-	1.96
Q2 2022	81.83	-	-	2.31
Q3 2022	81.83	-	-	2.13
Q4 2022	81.83	2.85	2.85	2.18
Q1 2023	81.83	2.87	2.87	2.96
Q2 2023	81.83	2.81	2.81	2.61
Q3 2023	81.83	2.62	2.62	3.20
Q4 2023	81.83	2.47	2.47	3.03
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	2.55	2.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	81.83	0.49	0.49	13.12
2020	81.83	0.79	0.79	13.91
2021	81.83	0.97	0.97	1.20
2022	81.83	2.85	2.85	2.18
2023	81.83	2.47	2.47	3.03

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	25.03	25.03	18.09
Q2 2024	19.84	19.84	16.76
Q3 2024	18.95	18.95	18.75

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Business Segments (Million)

Compared With The

Period	flour	fodder	bran
Q2 2022	80.86	102.71	39.64
Q3 2022	99.81	96.45	43.63
Q4 2022	115.37	112.06	49.05
Q1 2023	121.85	100.44	29.95
Q2 2023	83.89	86.89	28.95
Q3 2023	99.57	116.20	23.37

Period	flour	fodder	bran
2019	295.12	97.10	57.53
2020	281.01	91.77	62.50
2021	279.16	198.36	77.50
2022	402.05	399.90	176.05

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	50.30	48.40	(3.8 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
SNB Capital	49.70	48.40	(2.6) %
Al Rajhi Capital	50.00	48.40	(3.2) %
AlJazira Capital	50.50	48.40	(4.2) %
GIB Capital	51.00	48.40	(5.1) %

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Modern Mills 9M 2024 profit rises to SAR 157.9M, Q3 at SAR 48.4M

Financials (M)

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Modern Mills for Food Products Co. (MODERN MILLS)

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Modern Mills 9M 2024 profit rises to SAR 157.9M, Q3 at SAR 48.4M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Modern Mills for Food Products Co. (MODERN MILLS)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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