First Mills 9M 2024 profit rises13% to SAR 184.5M, Q3 at SAR 61.3M
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Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 717.64 | 780.01 | 8.7 % |
| Gross Income | 308.54 | 337.48 | 9.4 % |
| Operating Income | 213.03 | 235.92 | 10.7 % |
| Net Income | 162.70 | 184.51 | 13.4 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 2.93 | 3.32 | 13.4 % |
Revenue increased by 8.7%, or SAR 62.4 million, year-on-year (YoY) to SAR 780 million, as the sales of feed and flour increased by 18.2% and 7.9% YoY, respectively along with the improvement in the product mixes, pricing, and the launch of new products.
The nine-month earnings were also bolstered by the commercial operation of the Durum Mill.
The company also cited continued growth in small-pack products yielding better margins, ongoing efficiency improvement through maintaining cost leadership, and optimized cash management by improving interest income from the Shariah-compliant Murabaha deposits.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 248.14 | 261.21 | 5.3 % |
| Gross Income | 100.40 | 111.54 | 11.1 % |
| Operating Income | 70.73 | 77.84 | 10.1 % |
| Net Income | 54.04 | 61.28 | 13.4 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.97 | 1.10 | 13.4 % |
Q3 2024 net earnings grew 13.4% to SAR 61.28 million, compared to SAR 54.04 million in Q3 2023 as revenue grew by 5.3% YoY. This was primarily attributed due to sales growth across all product categories, continued strong growth in small-pack product volumes, which increased by 48% on the expansion of the company's distribution network and increased geographic coverage.
Meanwhile, operating expenses remained the same as in Q3 2023. The company’s gross profit jumped 11.1% YoY.
On a quarterly basis, net profit jumped 34.7% from SAR 45.5 million, thanks to a 7.8% sequential rise in topline.
Total shareholders’ equity, no minority interest, stood at SAR 876.73 million by Sept. 30, 2024, compared to SAR 840.92 million in a prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 276.45 | 8.2 % | 125.55 | 4.5 % | 94.39 | 3.8 % |
| Q2 2024 | 242.35 | 13.3 % | 100.38 | 14.1 % | 63.84 | 24.4 % |
| Q3 2024 | 261.21 | 5.3 % | 111.54 | 11.1 % | 77.84 | 10.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 77.72 | 5.4 % | 1.40 | - | 77.72 | 1.40 |
| Q2 2024 | 45.51 | 30.4 % | 0.82 | - | 45.51 | 0.82 |
| Q3 2024 | 61.28 | 13.4 % | 1.10 | - | 61.28 | 1.10 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 42.49 % | 34.80 % | 23.01 % |
| Q2 2024 | 42.52 % | 35.25 % | 23.41 % |
| Q3 2024 | 43.06 % | 35.66 % | 23.81 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 55.50 | 4.04 | 4.08 | 16.01 |
| Q2 2024 | 55.50 | 4.23 | 4.27 | 16.49 |
| Q3 2024 | 55.50 | 4.36 | 4.41 | 15.80 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 19.19 | 18.98 | 4.84 |
| Q2 2024 | 17.49 | 17.31 | 4.49 |
| Q3 2024 | 16.24 | 16.07 | 4.48 |
Business Segments (Million)
Q3 2024
| Period | Flour | Feed | Bran | free sales |
|---|---|---|---|---|
| Q1 2024 | 162.04 | 78.13 | 36.27 | - |
| Q2 2024 | 132.07 | 67.20 | 43.07 | - |
| Q3 2024 | 150.48 | 80.09 | 30.64 | - |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 60.40 | 61.28 | 1.45 % |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| SNB Capital | 61.20 | 61.28 | 0.1 % |
| GIB Capital | 61.00 | 61.28 | 0.5 % |
| Al Rajhi Capital | 59.00 | 61.28 | 3.9 % |
| Current | |
| Market Cap (M Riyal) | 3,374.40 |
| Enterprise Value (EV) (M) | 4,290.59 |
| Shares Outstanding ((M)) | 55.50 |
| EPS ( Riyal) (TTM) | 4.36 |
| Book Value (BV) ( Riyal) | 15.80 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 13.80 |
| P/E (TTM) | 13.94 |
| Price/book | 3.85 |
| Return on Average Assets (%) (TTM) | 9.9 |
| Return on Average Equity (%) (TTM) | 28.2 |
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