MC4 profit jumps 19% to SAR 81.8M in H1 2024; Q2 at SAR 33.1M

05/09/2024 Argaam Exclusive

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Fourth Milling Co. (MC4), which will list shares soon on TASI, reported a profit rise of 19% to SAR 81.8 million in the first half of 2024, compared to SAR 68.8 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	277.20	308.45	11.3 %
Gross Income	125.80	142.66	13.4 %
Operating Income	83.42	91.94	10.2 %
Net Income	68.93	81.76	18.6 %
Average Shares	540.00	540.00	-
EPS (Riyals)	0.13	0.15	18.6 %

The profit rise YoY was attributed to a rise in gross profit margin to 46% in H1 2024, from 45% in H1 2023, due to a decline in cost of revenue-to-revenues, in addition to an increase in net profit margin and stable operating profit margin despite a jump in general and administrative expenses. Moreover, the company recorded other revenues in H1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	115.16	138.12	19.9 %
Gross Income	46.26	58.48	26.4 %
Operating Income	26.48	37.40	41.2 %
Net Income	23.42	33.15	41.6 %
Average Shares	540.00	540.00	-
EPS (Riyals)	0.04	0.06	41.6 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	170.33	138.12	(18.9 %)
Gross Income	84.19	58.48	(30.5 %)
Operating Income	54.54	37.40	(31.4 %)
Net Income	48.62	33.15	(31.8 %)
Average Shares	540.00	540.00	-
EPS (Riyals)	0.09	0.06	(31.8 %)

Shareholders' equity (no minority interest) amounted to SAR 683.74 million by the end of H1 2024, compared to SAR 707.56 million in the same period a year earlier.

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