Financial Results : Arabian Mills H1 2024 profit leaps 41% to SAR 101.5M; Q2 at SAR 46.1M

Arabian Mills H1 2024 profit leaps 41% to SAR 101.5M; Q2 at SAR 46.1M

22/08/2024 Argaam Exclusive

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Arabian Mills for Food Products Co., which is set to list on TASI, reported a net profit of SAR 101.5 million for the first half of 2024, leaping 41% from SAR 71.8 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 399.87 464.79 16.2 %
Gross Income 182.65 217.43 19.0 %
Operating Income 132.61 145.37 9.6 %
Net Income 71.83 101.51 41.3 %
Average Shares 51.32 51.32 -
EPS (Riyals) 1.40 1.98 41.3 %

The profit growth was due to a 16% rise YoY in H1 2024 revenues to SAR 464.8 million, as well as an increase in gross profit margin to 47% from 46%. This is in addition to lower financing burdens by 29% to SAR 43.9 million, along with lower Zakat expenses.

 

However, the company reported a fall in operating profit margin to 31%, as well as lower financing revenues from SAR 6.3 million to SAR 2 million.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached SAR 186.4 million in H1 2024, compared with SAR 171.3 million a year before.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 174.23 226.57 30.0 %
Gross Income 74.26 106.84 43.9 %
Operating Income 50.20 67.65 34.7 %
Net Income 20.40 46.12 126.1 %
Average Shares 51.32 51.32 -
EPS (Riyals) 0.40 0.90 126.1 %

The second-quarter net earnings soared 126.1% to SAR 46.1 million, from SAR 20.40 million in Q2 2023, driven by higher revenues and gross profit margin, as well as lower financing and Zakat expenses.

 

Meanwhile, Q2 2024 net earnings dropped 16.7% from SAR 55.38 million in Q1 2024.

 

Total shareholders’ equity, no minority interest, increased to SAR 924.5 million as of June 30, 2024, from SAR 690.8 million in the earlier-year period. 

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