Modern Mills Q1 2024 profit slightly rises to SAR 65M

09/05/2024 Argaam Exclusive

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Modern Mills for Food Products Co. (Modern Mills) posted a marginal rise of 1.4% in Q1 2024 net profit to SAR 65 million, from SAR 64.1 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	252.25	257.81	2.2 %
Gross Income	102.40	99.12	(3.2 %)
Operating Income	76.67	76.80	0.2 %
Net Income	64.11	64.98	1.4 %
Average Shares	81.83	81.83	-
EPS (Riyals)	0.78	0.79	1.4 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	247.51	257.81	4.2 %
Gross Income	90.42	99.12	9.6 %
Operating Income	63.70	76.80	20.6 %
Net Income	51.12	64.98	27.1 %
Average Shares	81.83	81.83	-
EPS (Riyals)	0.62	0.79	27.1 %

The company cited a 2.2% year-on-year (YoY) increase in net revenue to SAR 257.8 million in Q1 2024, mainly driven by topline growth and the launch of new sub-categories.

Shareholders’ equity, no minority interest, reached SAR 280.4 million as of March 31, 2024, compared to SAR 247.7 million 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	449.74	-	123.41	-	45.45	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	435.28	(3.2 %)	137.89	11.7 %	70.52	55.2 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	555.01	27.5 %	162.46	17.8 %	88.50	25.5 %
Q1 2022	238.42	-	85.02	-	69.10	-
Q2 2022	223.21	-	77.10	-	54.72	-
Q3 2022	239.90	-	100.51	-	70.84	-
Q4 2022	276.47	-	103.39	-	74.75	-
2022	978.00	76.2 %	366.01	125.3 %	269.41	204.4 %
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 %)
Q1 2024	257.81	2.2 %	99.12	(3.2 %)	76.80	0.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	449.74	-	123.41	-	45.45	-
2020	435.28	(3.2 %)	137.89	11.7 %	70.52	55.2 %
2021	555.01	27.5 %	162.46	17.8 %	88.50	25.5 %
2022	978.00	76.2 %	366.01	125.3 %	269.41	204.4 %
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 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	39.89	-	0.49	-	39.89	0.49
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	64.93	62.8 %	0.79	-	64.93	0.79
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	79.51	22.5 %	0.97	-	79.51	0.97
Q1 2022	62.46	-	0.76	-	62.46	0.76
Q2 2022	45.88	-	0.56	-	45.88	0.56
Q3 2022	60.66	-	0.74	-	60.66	0.74
Q4 2022	64.02	-	0.78	-	64.02	0.78
2022	233.01	193.0 %	2.85	-	233.01	2.85
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
Q1 2024	64.98	1.4 %	0.79	-	64.98	0.79

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	39.89	-	0.49	-	39.89	0.49
2020	64.93	62.8 %	0.79	-	64.93	0.79
2021	79.51	22.5 %	0.97	-	79.51	0.97
2022	233.01	193.0 %	2.85	-	233.01	2.85
2023	201.81	(13.4 %)	2.47	-	201.81	2.47

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	27.44 %	20.11 %	8.87 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	31.68 %	26.83 %	14.92 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	29.27 %	25.37 %	14.33 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	37.42 %	33.02 %	23.83 %
2022	37.42 %	33.02 %	23.83 %
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 %
Q1 2024	36.21 %	33.15 %	21.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	27.44 %	20.11 %	8.87 %
2020	31.68 %	26.83 %	14.92 %
2021	29.27 %	25.37 %	14.33 %
2022	37.42 %	33.02 %	23.83 %
2023	36.84 %	33.24 %	21.50 %

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	35.66 %	34.46 %	26.20 %
Q2 2022	34.54 %	30.39 %	20.55 %
Q3 2022	41.90 %	35.19 %	25.28 %
Q4 2022	37.40 %	32.03 %	23.15 %
Q1 2023	40.60 %	35.96 %	25.42 %
Q2 2023	34.69 %	34.05 %	20.59 %
Q3 2023	34.74 %	30.92 %	19.01 %
Q4 2023	36.53 %	32.07 %	20.66 %
Q1 2024	38.45 %	35.54 %	25.21 %

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	81.83	-	-	1.96
Q2 2022	81.83	-	-	2.31
Q3 2022	81.83	-	-	2.13
Q4 2022	81.83	2.85	2.85	2.18
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
Q1 2024	81.83	2.48	2.48	3.43

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	81.83	0.49	0.49	13.12
2020	81.83	0.79	0.79	13.91
2021	81.83	0.97	0.97	1.20
2022	81.83	2.85	2.85	2.18
2023	81.83	2.47	2.47	3.03

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	25.03	25.03	18.09

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	fodder	bran
Q2 2022	80.86	102.71	39.64
Q3 2022	99.81	96.45	43.63
Q4 2022	115.37	112.06	49.05
Q1 2023	121.85	100.44	29.95
Q2 2023	83.89	86.89	28.95
Q3 2023	99.57	116.20	23.37

Period	flour	fodder	bran
2019	295.12	97.10	57.53
2020	281.01	91.77	62.50
2021	279.16	198.36	77.50
2022	402.05	399.90	176.05

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	50.00	64.98	29.97 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
GIB Capital	52.00	64.98	25.0 %
Al Rajhi Capital	48.00	64.98	35.4 %

Financial Ratios

	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

Modern Mills for Food Products Co. (MODERN MILLS)

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Modern Mills Q1 2024 profit slightly rises to SAR 65M

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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)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Modern Mills for Food Products Co. (MODERN MILLS)

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Modern Mills Q1 2024 profit slightly rises to SAR 65M

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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)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Modern Mills for Food Products Co. (MODERN MILLS)

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Business Segments (Million)