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 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	170.33	138.12	(18.9 %)
Gross Income	84.19	58.48	(30.5 %)
Operating Income	54.54	37.40	(31.4 %)
Net Income	48.62	33.15	(31.8 %)
Average Shares	540.00	540.00	-
EPS (Riyals)	0.09	0.06	(31.8 %)

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	-	-	-	-	-	-
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	345.24	-	104.37	-	58.15	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	336.30	(2.6 %)	105.76	1.3 %	63.86	9.8 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	578.32	72.0 %	260.12	146.0 %	189.56	196.8 %
Q1 2023	162.04	-	79.54	-	56.94	-
Q2 2023	115.16	-	46.26	-	26.48	-
Q3 2023	-	-	-	-	-	-
Q4 2023	-	-	-	-	-	-
2023	565.64	(2.2 %)	259.45	(0.3 %)	163.83	(13.6 %)
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	345.24	-	104.37	-	58.15	-
2021	336.30	(2.6 %)	105.76	1.3 %	63.86	9.8 %
2022	578.32	72.0 %	260.12	146.0 %	189.56	196.8 %
2023	565.64	(2.2 %)	259.45	(0.3 %)	163.83	(13.6 %)

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	44.55	-	0.08	(3.14)	47.69	0.09
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	50.06	12.4 %	0.09	-	50.06	0.09
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	163.04	225.7 %	0.30	-	163.04	0.30
Q1 2023	45.51	-	0.08	-	45.51	0.08
Q2 2023	23.42	-	0.04	-	23.42	0.04
Q3 2023	-	-	-	-	-	-
Q4 2023	-	-	-	-	-	-
2023	142.82	(12.4 %)	0.26	-	142.82	0.26
Q1 2024	48.62	6.8 %	0.09	-	48.62	0.09
Q2 2024	33.15	41.6 %	0.06	-	33.15	0.06

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	44.55	-	0.08	(3.14)	47.69	0.09
2021	50.06	12.4 %	0.09	-	50.06	0.09
2022	163.04	225.7 %	0.30	-	163.04	0.30
2023	142.82	(12.4 %)	0.26	-	142.82	0.26

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	30.23 %	28.40 %	13.81 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	31.45 %	31.60 %	14.89 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	44.98 %	41.02 %	28.19 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
2023	45.87 %	38.65 %	25.25 %
Q1 2024	-	-	-
Q2 2024	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	30.23 %	28.40 %	13.81 %
2021	31.45 %	31.60 %	14.89 %
2022	44.98 %	41.02 %	28.19 %
2023	45.87 %	38.65 %	25.25 %

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	49.09 %	-	28.09 %
Q2 2023	40.17 %	-	20.33 %
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	49.42 %	-	28.54 %
Q2 2024	42.34 %	-	24.00 %

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	-	-	-	-
Q4 2023	-	-	-	-
Q1 2024	540.00	-	-	-
Q2 2024	540.00	-	-	1.27

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	540.00	0.08	0.09	1.11
2021	540.00	0.09	0.09	1.21
2022	540.00	0.30	0.30	1.37
2023	540.00	0.26	0.26	1.26

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	Discount and Rebates
Q1 2023	105.78	45.96	15.97	(5.66)
Q2 2023	72.99	32.03	12.28	(2.15)
Q1 2024	118.71	46.87	10.66	(5.90)
Q2 2024	92.35	37.68	11.00	(2.91)

Period	Flour	bran	Fodder	Discount and Rebates
2020	249.27	42.97	53.01	-
2021	232.22	52.48	51.60	-
2022	358.58	159.36	66.75	(6.37)
2023	370.76	161.43	49.34	(15.90)

Financial Ratios

	Current
Market Cap (M Riyal)	2,862.00
Enterprise Value (EV) (M)	2,731.56
Shares Outstanding ((M))	540.00
EPS ( Riyal) (TTM)	-
Book Value (BV) ( Riyal)	1.27
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	-
P/E (TTM)	-
Price/book	4.19
Return on Average Assets (%) (TTM)	-
Return on Average Equity (%) (TTM)	-

Fourth Milling Co. (FOURTH MILLING)

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

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Fourth Milling Co. (FOURTH MILLING)

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

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

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

Fourth Milling Co. (FOURTH MILLING)

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Business Segments (Million)