MC4 profit jumps 19% to SAR 81.8M in H1 2024; Q2 at SAR 33.1M

MC4 profit jumps 19% to SAR 81.8M in H1 2024; Q2 at SAR 33.1M

05/09/2024 Argaam Exclusive

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Fourth Milling Co. (MC4), which will list shares soon on TASI, reported a profit rise of 19% to SAR 81.8 million in the first half of 2024, compared to SAR 68.8 million in the year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 277.20 308.45 11.3 %
Gross Income 125.80 142.66 13.4 %
Operating Income 83.42 91.94 10.2 %
Net Income 68.93 81.76 18.6 %
Average Shares 540.00 540.00 -
EPS (Riyals) 0.13 0.15 18.6 %

The profit rise YoY was attributed to a rise in gross profit margin to 46% in H1 2024, from 45% in H1 2023, due to a decline in cost of revenue-to-revenues, in addition to an increase in net profit margin and stable operating profit margin despite a jump in general and administrative expenses. Moreover, the company recorded other revenues in H1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 115.16 138.12 19.9 %
Gross Income 46.26 58.48 26.4 %
Operating Income 26.48 37.40 41.2 %
Net Income 23.42 33.15 41.6 %
Average Shares 540.00 540.00 -
EPS (Riyals) 0.04 0.06 41.6 %

Shareholders' equity (no minority interest) amounted to SAR 683.74 million by the end of H1 2024, compared to SAR 707.56 million in the same period a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 162.04 - 79.54 - 56.94 -
Q2 2023 115.16 - 46.26 - 26.48 -
Q3 2023 136.72 - 59.72 - 42.27 -
Q4 2023 154.95 - 78.68 - 38.14 -
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 %


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 - - - - - -
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 45.51 - 0.08 - 45.51 0.08
Q2 2023 23.42 - 0.04 - 23.42 0.04
Q3 2023 38.72 - 0.07 - 38.72 0.07
Q4 2023 35.17 - 0.07 - 35.17 0.07
Q1 2024 48.62 6.8 % 0.09 - 48.62 0.09
Q2 2024 33.15 41.6 % 0.06 - 33.15 0.06

Profitability

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 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 46.44 % 33.64 % 25.11 %
Q1 2024 46.58 % 34.99 % 25.28 %
Q2 2024 46.83 % 37.68 % 25.94 %


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 540.00 - - -
Q2 2023 540.00 - - 1.31
Q3 2023 540.00 - - 1.29
Q4 2023 540.00 0.26 0.26 1.26
Q1 2024 540.00 0.27 0.27 -
Q2 2024 540.00 0.29 0.29 1.27

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 - - -

Business Segments (Million)

Compared With The
Period Flour bran Fodder Discount and Rebates
Q1 2023 105.78 45.96 15.97 (5.66)
Q2 2023 72.99 32.03 12.28 (2.15)
Q3 2023 89.29 43.51 9.66 (8.97)
Q1 2024 118.71 46.87 10.66 (5.90)
Q2 2024 92.35 37.68 11.00 (2.91)


Financial Ratios
Current
Market Cap (M Riyal) 2,370.60
Enterprise Value (EV) (M) 2,158.96
Shares Outstanding ((M)) 540.00
EPS ( Riyal) (TTM) 0.30
Book Value (BV) ( Riyal) 1.35
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 14.46
P/E (TTM) 14.46
Price/book 3.25
Return on Average Assets (%) (TTM) -
Return on Average Equity (%) (TTM) 23.0
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Share Price

Fourth Milling Co.
4.39
(0.07) (1.57 %)

Fourth Milling Co. (FOURTH MILLING)

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