Financial Results : Modern Mills 9M 2024 profit rises to SAR 157.9M, Q3 at SAR 48.4M

Modern Mills 9M 2024 profit rises to SAR 157.9M, Q3 at SAR 48.4M

31/10/2024 Argaam Exclusive

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Modern Mills for Food Products Co. (Modern Mills) reported a net profit of SAR 157.9 million in the first nine months of 2024, up from SAR 150.7 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 691.12 733.14 6.1 %
Gross Income 254.40 274.72 8.0 %
Operating Income 189.82 200.96 5.9 %
Net Income 150.69 157.89 4.8 %
Average Shares 81.83 81.83 -
Earnings Per Share before unusual items 1.84 1.93 4.8 %
EPS (Riyals) 1.84 1.93 4.8 %

Revenue increased by 6.1% year-on-year (YoY) to SAR 733.1 million in the current period, mainly driven by the growth in market share, geographical expansion, and launch of new products, especially in the animal feed segment.

 

However, the company posted an exceptional rise in financing costs by SAR 8.4 million (a non-recurring expense) due to debt restructuring.

 


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 239.14 252.35 5.5 %
Gross Income 83.07 94.22 13.4 %
Operating Income 59.74 68.62 14.9 %
Net Income 45.45 48.40 6.5 %
Average Shares 81.83 81.83 -
Earnings Per Share before unusual items 0.56 0.59 6.5 %
EPS (Riyals) 0.56 0.59 6.5 %

The Q3 2024 net earnings grew by 6.5% to SAR 48.4 million from SAR 45.4 million a year before, as revenues increased by 5.5% YoY to SAR 252.4 million.

 

On a quarterly basis, the third-quarter net profit jumped 8.7% from SAR 44.5 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 211.27 million by Sept. 30, 2024, compared to SAR 261.70 million in a prior-year period.

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