Arabian Mills H1 2024 profit leaps 41% to SAR 101.5M; Q2 at SAR 46.1M

22/08/2024 Argaam Exclusive

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Arabian Mills for Food Products Co., which is set to list on TASI, reported a net profit of SAR 101.5 million for the first half of 2024, leaping 41% from SAR 71.8 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	399.87	464.79	16.2 %
Gross Income	182.65	217.43	19.0 %
Operating Income	132.61	145.37	9.6 %
Net Income	71.83	101.51	41.3 %
Average Shares	51.32	51.32	-
EPS (Riyals)	1.40	1.98	41.3 %

The profit growth was due to a 16% rise YoY in H1 2024 revenues to SAR 464.8 million, as well as an increase in gross profit margin to 47% from 46%. This is in addition to lower financing burdens by 29% to SAR 43.9 million, along with lower Zakat expenses.

However, the company reported a fall in operating profit margin to 31%, as well as lower financing revenues from SAR 6.3 million to SAR 2 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached SAR 186.4 million in H1 2024, compared with SAR 171.3 million a year before.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	174.23	226.57	30.0 %
Gross Income	74.26	106.84	43.9 %
Operating Income	50.20	67.65	34.7 %
Net Income	20.40	46.12	126.1 %
Average Shares	51.32	51.32	-
EPS (Riyals)	0.40	0.90	126.1 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	239.92	226.57	(5.6 %)
Gross Income	112.29	106.84	(4.9 %)
Operating Income	77.72	67.65	(13.0 %)
Net Income	55.38	46.12	(16.7 %)
Average Shares	51.32	51.32	-
EPS (Riyals)	1.08	0.90	(16.7 %)

The second-quarter net earnings soared 126.1% to SAR 46.1 million, from SAR 20.40 million in Q2 2023, driven by higher revenues and gross profit margin, as well as lower financing and Zakat expenses.

Meanwhile, Q2 2024 net earnings dropped 16.7% from SAR 55.38 million in Q1 2024.

Total shareholders’ equity, no minority interest, increased to SAR 924.5 million as of June 30, 2024, from SAR 690.8 million in the earlier-year period.

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Financial results (Million)

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	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	612.86	-	232.20	-	135.66	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	640.78	4.6 %	233.73	0.7 %	130.28	(4.0 %)
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	902.81	40.9 %	412.62	76.5 %	289.09	121.9 %
Q1 2023	225.65	-	108.39	-	82.41	-
Q2 2023	174.23	-	74.26	-	50.20	-
Q3 2023	228.18	-	114.18	-	89.69	-
Q4 2023	234.03	-	118.89	-	83.96	-
2023	862.08	(4.5 %)	415.51	0.7 %	306.27	5.9 %
Q1 2024	239.92	6.3 %	112.29	3.6 %	77.72	(5.7 %)
Q2 2024	226.57	30.0 %	106.84	43.9 %	67.65	34.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	612.86	-	232.20	-	135.66	-
2021	640.78	4.6 %	233.73	0.7 %	130.28	(4.0 %)
2022	902.81	40.9 %	412.62	76.5 %	289.09	121.9 %
2023	862.08	(4.5 %)	415.51	0.7 %	306.27	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	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	130.49	-	2.54	-	130.49	2.54
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	121.23	(7.1 %)	2.36	-	121.23	2.36
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	255.27	110.6 %	4.97	-	255.27	4.97
Q1 2023	51.43	-	1.00	-	51.43	1.00
Q2 2023	20.40	-	0.40	-	20.40	0.40
Q3 2023	68.49	-	1.33	-	68.49	1.33
Q4 2023	59.96	-	1.17	-	59.96	1.17
2023	200.28	(21.5 %)	3.90	-	200.28	3.90
Q1 2024	55.38	7.7 %	1.08	-	55.38	1.08
Q2 2024	46.12	126.1 %	0.90	-	46.12	0.90

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	130.49	-	2.54	-	130.49	2.54
2021	121.23	(7.1 %)	2.36	-	121.23	2.36
2022	255.27	110.6 %	4.97	-	255.27	4.97
2023	200.28	(21.5 %)	3.90	-	200.28	3.90

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	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	37.89 %	29.14 %	21.29 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	36.48 %	27.70 %	18.92 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	45.70 %	38.87 %	28.28 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	48.22 %	-	23.23 %
2023	48.20 %	43.98 %	23.23 %
Q1 2024	47.88 %	42.73 %	23.31 %
Q2 2024	48.69 %	42.45 %	24.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	37.89 %	29.14 %	21.29 %
2021	36.48 %	27.70 %	18.92 %
2022	45.70 %	38.87 %	28.28 %
2023	48.20 %	43.98 %	23.23 %

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	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	48.04 %	45.23 %	22.79 %
Q2 2023	42.62 %	39.74 %	11.71 %
Q3 2023	50.04 %	-	30.02 %
Q4 2023	50.80 %	-	25.62 %
Q1 2024	46.80 %	40.60 %	23.08 %
Q2 2024	47.16 %	39.28 %	20.36 %

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	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	51.32	-	-	13.06
Q2 2023	51.32	-	-	13.46
Q3 2023	51.32	-	-	14.80
Q4 2023	51.32	3.90	3.90	16.04
Q1 2024	51.32	3.98	3.98	17.12
Q2 2024	51.32	4.48	4.48	18.02

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	51.32	2.54	2.54	20.54
2021	51.32	2.36	2.36	22.91
2022	51.32	4.97	4.97	12.06
2023	51.32	3.90	3.90	16.04

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	-	-	-
Q2 2024	-	-	-

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	Bran	Fodder	Discounts
Q1 2023	137.97	56.49	32.24	(1.05)
Q2 2023	111.38	44.77	18.43	(0.36)
Q3 2023	130.65	59.71	39.56	(1.74)
Q4 2023	141.55	59.64	43.01	(10.17)
Q1 2024	140.56	70.35	40.92	(11.90)
Q2 2024	120.46	72.29	45.61	(11.80)

Period	Flour	Bran	Fodder	Discounts
2020	408.85	87.89	116.11	-
2021	391.62	134.19	114.97	-
2022	491.00	212.52	200.34	(1.06)
2023	521.55	220.61	133.23	(13.31)

Financial Ratios

	Current
Market Cap (M Riyal)	2,699.43
Enterprise Value (EV) (M)	3,502.06
Shares Outstanding ((M))	51.32
EPS ( Riyal) (TTM)	4.22
Book Value (BV) ( Riyal)	19.08
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	12.48
P/E (TTM)	12.48
Price/book	2.76
Return on Average Assets (%) (TTM)	-
Return on Average Equity (%) (TTM)	24.9

Arabian Mills for Food Products Co. (ARABIAN MILLS)

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Arabian Mills H1 2024 profit leaps 41% to SAR 101.5M; Q2 at SAR 46.1M

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Financials (M)

Current Quarter Comparison (M)

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)

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Arabian Mills for Food Products Co. (ARABIAN MILLS)

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Arabian Mills H1 2024 profit leaps 41% to SAR 101.5M; Q2 at SAR 46.1M

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Financials (M)

Current Quarter Comparison (M)

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)

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Arabian Mills for Food Products Co. (ARABIAN MILLS)

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Business Segments (Million)