Modern Mills 2023 profit drops 13% to SAR 201.8M; Q4 at SAR 51.1M
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Modern Mills for Food Products Co. (Modern Mills) posted a 13% profit drop to SAR 201.8 million in 2023, from SAR 233 million a year earlier, due to lower animal bran revenue.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 978.00 | 938.62 | (4.0 %) |
| Gross Income | 366.01 | 345.74 | (5.5 %) |
| Operating Income | 269.41 | 253.52 | (5.9 %) |
| Net Income | 233.01 | 201.81 | (13.4 %) |
| Average Shares | 81.83 | 81.83 | - |
| EPS (Riyals) | 2.85 | 2.47 | (13.4 %) |
Profit margins from the animal bran business also declined, while the company incurred public offering costs of SAR 7.2 million. Modern Mills also recorded higher finance costs of SAR 12.5 million on increased SAIBOR and higher Zakat charges of SAR 2.3 million.
Revenues decreased by 4% to SAR 938.6 million from SAR 978 million in 2022.
The fourth-quarter net profit declined by 20% year-on-year (YoY) to SAR 51.1 million.
The flour mill’s net profit jumped 12.5% from SAR 45.4 million in Q3 2023.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 276.47 | 247.51 | (10.5 %) |
| Gross Income | 103.39 | 90.42 | (12.5 %) |
| Operating Income | 74.75 | 63.70 | (14.8 %) |
| Net Income | 64.02 | 51.12 | (20.1 %) |
| Average Shares | 81.83 | 81.83 | - |
| EPS (Riyals) | 0.78 | 0.62 | (20.1 %) |
Shareholders’ equity, no minority interest, reached SAR 247.7 million as of Dec. 31, 2023, compared to SAR 178.4 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | - | - | - |
Business Segments (Million)
Q3 2023
| Period | flour | fodder | bran |
|---|---|---|---|
| Q1 2023 | 121.85 | 100.44 | 29.95 |
| Q2 2023 | 83.89 | 86.89 | 28.95 |
| Q3 2023 | 99.57 | 116.20 | 23.37 |
| Current | |
| Market Cap (M Riyal) | 3,326.47 |
| Enterprise Value (EV) (M) | 3,826.63 |
| 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) | 15.92 |
| P/E (TTM) | 15.92 |
| Price/book | 15.75 |
| Return on Average Assets (%) (TTM) | 17.4 |
| Return on Average Equity (%) (TTM) | 88.4 |
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