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.
| 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.
| 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 | 63.75 | (14.7 %) |
| Net Income | 64.02 | 51.12 | (20.1 %) |
| Average Shares | 81.83 | 81.83 | - |
| EPS (Riyals) | 0.78 | 0.62 | (20.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 239.14 | 247.51 | 3.5 % |
| Gross Income | 83.07 | 90.42 | 8.8 % |
| Operating Income | 59.74 | 63.75 | 6.7 % |
| Net Income | 45.45 | 51.12 | 12.5 % |
| Average Shares | 81.83 | 81.83 | - |
| EPS (Riyals) | 0.56 | 0.62 | 12.5 % |
Shareholders’ equity, no minority interest, reached SAR 247.7 million as of Dec. 31, 2023, compared to SAR 178.4 million a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}