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

31/03/2024 Argaam Exclusive

View other reports

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 %)

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	63.70	6.6 %
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.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×