Modern Mills Q1 2024 profit slightly rises to SAR 65M

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 %

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 Net Income Change EPS(Riyal)
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 238.42 - 85.02 - 62.46 - 0.76
Q2 2022 223.21 - 77.10 - 45.88 - 0.56
Q3 2022 239.90 - 100.51 - 60.66 - 0.74
Q4 2022 276.47 - 103.39 - 64.02 - 0.78
Q1 2023 252.25 5.8 % 102.40 20.5 % 64.11 2.6 % 0.78
Q2 2023 199.73 (10.5 %) 69.28 (10.1 %) 41.13 (10.4 %) 0.50
Q3 2023 239.14 (0.3 %) 83.07 (17.4 %) 45.45 (25.1 %) 0.56
Q4 2023 247.51 (10.5 %) 90.42 (12.5 %) 51.12 (20.1 %) 0.62
Q1 2024 257.81 2.2 % 99.12 (3.2 %) 64.98 1.4 % 0.79

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 37.42 % 33.02 % 23.83 %
Q1 2023 38.66 % 33.42 % 23.66 %
Q2 2023 38.79 % 34.26 % 23.74 %
Q3 2023 37.01 % 33.20 % 22.19 %
Q4 2023 36.77 % 33.25 % 21.50 %
Q1 2024 36.21 % 33.15 % 21.47 %


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

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

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

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) 4,107.97
Enterprise Value (EV) (M) 4,502.59
Shares Outstanding ((M)) 81.83
EPS ( Riyal) (TTM) 2.48
Book Value (BV) ( Riyal) 3.43
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 20.27
P/E (TTM) 20.27
Price/book 14.65
Return on Average Assets (%) (TTM) 16.8
Return on Average Equity (%) (TTM) 77.5
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Share Price

Modern Mills for Food Products Co.
50.20
0.20 0.40 %

Modern Mills for Food Products Co. (MODERN MILLS)

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