Modern Mills profit up 4% to SAR 109.5M in H1 2024, Q2 at SAR 44.5M

30/07/2024 Argaam Exclusive

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Modern Mills for Food Products Co. (Modern Mills) posted a rise of 4% in H1 2024 net profit to SAR 109.5 million, from SAR 105.2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	451.98	480.79	6.4 %
Gross Income	172.26	180.51	4.8 %
Operating Income	130.08	132.34	1.7 %
Net Income	105.24	109.49	4.0 %
Average Shares	81.83	81.83	-
EPS (Riyals)	1.29	1.34	4.0 %

Revenues rose due to the increase in market share, geographical expansion and launch of new products. However, brans revenue slipped on prioritization of feed business.

Net profit was also supported by the launch of new products, favorable product mix and additional income generated from efficient cash management.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	199.73	222.99	11.6 %
Gross Income	69.28	81.39	17.5 %
Operating Income	53.42	55.66	4.2 %
Net Income	41.13	44.51	8.2 %
Average Shares	81.83	81.83	-
EPS (Riyals)	0.50	0.54	8.2 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	257.81	222.99	(13.5 %)
Gross Income	99.12	81.39	(17.9 %)
Operating Income	76.80	55.66	(27.5 %)
Net Income	64.98	44.51	(31.5 %)
Average Shares	81.83	81.83	-
EPS (Riyals)	0.79	0.54	(31.5 %)

Q2 2024 net profit grew 8% to SAR 44.5 million from SAR 41.1 million in Q2 2023.

Sequentially, net profit fell 31.5% in Q2 2024 from SAR 64.98 million in Q1 2024.

Shareholders’ equity, no minority interest, reached SAR 243.88 million as of June 30, 2024, compared to SAR 213.66 million a year earlier.

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