Modern Mills 2023 profit drops 13% to SAR 201.8M; Q4 at SAR 51.1M

31/03/2024 Argaam Exclusive

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)

Compared With The
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.

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Share Price

Modern Mills for Food Products Co.
40.65
(0.05) (0.12 %)

Modern Mills for Food Products Co. (MODERN MILLS)

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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
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