Arabian Mills 9M 2024 profit climbs 11% to SAR 156.4M; Q3 at SAR 54.9M

Arabian Mills for Food Products Co. reported a net profit of SAR 156.4 million in the first nine months of 2024, up from SAR 140.3 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	628.05	709.13	12.9 %
Gross Income	296.61	330.46	11.4 %
Operating Income	222.31	222.09	(0.1 %)
Net Income	140.32	156.42	11.5 %
Average Shares	51.32	51.32	-
EPS (Riyals)	2.73	3.05	11.5 %

This came as revenue increased by 12.91% to SAR 709.1 million in the current period, compared to SAR 628.1 million in 9M 2023. The topline growth fueled higher sales, thanks to marketing efforts, a broader customer base, market expansions, and an expanded product range.

The 9M 2024 revenue rise was also buoyed by strategic partnerships with key customers, coupled with sales support tailored to market needs.

This is besides the 42.87% year-on-year (YoY) increase in the feed segment’s results, supported by the launch of a new poultry feed product, which also lifted the company’s nine-month earnings.

Moreover, financing costs decreased YoY due to efforts to minimize the company’s loan balance. This is in addition to recognizing a cash surplus from bank deposits of SAR 2.78 million in 9M 2024, along with the SAR 5.74 million YoY slump in Zakat expenses.

On the other hand, the Q3 2024 net earnings plunged by 20% to SAR 54.9 million, from SAR 68.5 million in Q3 2023, given the company’s ongoing business expansions and fierce market competition. This was despite the YoY growth in sales of all Arabian Mills product categories.

Net earnings, however, jumped 19.05% from SAR 46.12 million in Q2 2024, as revenues climbed by 7.85% on a sequential basis to SAR 244.3 million in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	228.18	244.34	7.1 %
Gross Income	114.18	113.36	(0.7 %)
Operating Income	89.69	76.72	(14.5 %)
Net Income	68.49	54.91	(19.8 %)
Average Shares	51.32	51.32	-
EPS (Riyals)	1.33	1.07	(19.8 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	226.57	244.34	7.8 %
Gross Income	106.84	113.36	6.1 %
Operating Income	67.65	76.72	13.4 %
Net Income	46.12	54.91	19.1 %
Average Shares	51.32	51.32	-
EPS (Riyals)	0.90	1.07	19.1 %

Total shareholders’ equity, no minority interest, advanced to SAR 979.07 million by Sept. 30, 2024, compared to SAR 759.27 million in a prior-year period.

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Share Price

Arabian Mills for Food Products Co. (ARABIAN MILLS)

	Current
Market Cap (M Riyal)	2,699.43
Enterprise Value (EV) (M)	3,502.06
Shares Outstanding ((M))	51.32
EPS ( Riyal) (TTM)	4.22
Book Value (BV) ( Riyal)	19.08
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	12.48
P/E (TTM)	12.48
Price/book	2.76
Return on Average Assets (%) (TTM)	-
Return on Average Equity (%) (TTM)	24.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	612.86	-	232.20	-	135.66	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	640.78	4.6 %	233.73	0.7 %	130.28	(4.0 %)
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	902.81	40.9 %	412.62	76.5 %	289.09	121.9 %
Q1 2023	225.65	-	108.39	-	82.41	-
Q2 2023	174.23	-	74.26	-	50.20	-
Q3 2023	228.18	-	114.18	-	89.69	-
Q4 2023	234.03	-	118.89	-	83.96	-
2023	862.08	(4.5 %)	415.51	0.7 %	306.27	5.9 %
Q1 2024	239.92	6.3 %	112.29	3.6 %	77.72	(5.7 %)
Q2 2024	226.57	30.0 %	106.84	43.9 %	67.65	34.7 %
Q3 2024	244.34	7.1 %	113.36	(0.7 %)	76.72	(14.5 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	612.86	-	232.20	-	135.66	-
2021	640.78	4.6 %	233.73	0.7 %	130.28	(4.0 %)
2022	902.81	40.9 %	412.62	76.5 %	289.09	121.9 %
2023	862.08	(4.5 %)	415.51	0.7 %	306.27	5.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	130.49	-	2.54	-	130.49	2.54
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	121.23	(7.1 %)	2.36	-	121.23	2.36
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	255.27	110.6 %	4.97	-	255.27	4.97
Q1 2023	51.43	-	1.00	-	51.43	1.00
Q2 2023	20.40	-	0.40	-	20.40	0.40
Q3 2023	68.49	-	1.33	-	68.49	1.33
Q4 2023	59.96	-	1.17	-	59.96	1.17
2023	200.28	(21.5 %)	3.90	-	200.28	3.90
Q1 2024	55.38	7.7 %	1.08	-	55.38	1.08
Q2 2024	46.12	126.1 %	0.90	-	46.12	0.90
Q3 2024	54.91	(19.8 %)	1.07	-	54.91	1.07

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	130.49	-	2.54	-	130.49	2.54
2021	121.23	(7.1 %)	2.36	-	121.23	2.36
2022	255.27	110.6 %	4.97	-	255.27	4.97
2023	200.28	(21.5 %)	3.90	-	200.28	3.90

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	37.89 %	29.14 %	21.29 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	36.48 %	27.70 %	18.92 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	45.70 %	38.87 %	28.28 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	48.22 %	-	23.23 %
2023	48.20 %	43.98 %	23.23 %
Q1 2024	47.88 %	42.73 %	23.31 %
Q2 2024	48.69 %	42.45 %	24.76 %
Q3 2024	47.77 %	40.80 %	22.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	37.89 %	29.14 %	21.29 %
2021	36.48 %	27.70 %	18.92 %
2022	45.70 %	38.87 %	28.28 %
2023	48.20 %	43.98 %	23.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	48.04 %	45.23 %	22.79 %
Q2 2023	42.62 %	39.74 %	11.71 %
Q3 2023	50.04 %	-	30.02 %
Q4 2023	50.80 %	-	25.62 %
Q1 2024	46.80 %	40.60 %	23.08 %
Q2 2024	47.16 %	39.28 %	20.36 %
Q3 2024	46.39 %	39.19 %	22.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	51.32	-	-	13.06
Q2 2023	51.32	-	-	13.46
Q3 2023	51.32	-	-	14.80
Q4 2023	51.32	3.90	3.90	16.04
Q1 2024	51.32	3.98	3.98	17.12
Q2 2024	51.32	4.48	4.48	18.02
Q3 2024	51.32	4.22	4.22	19.08

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	51.32	2.54	2.54	20.54
2021	51.32	2.36	2.36	22.91
2022	51.32	4.97	4.97	12.06
2023	51.32	3.90	3.90	16.04

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	-	-	-
Q3 2024	-	-	-

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Business Segments (Million)

Compared With The

Period	Flour	Bran	Fodder	Discounts
Q1 2023	137.97	56.49	32.24	(1.05)
Q2 2023	111.38	44.77	18.43	(0.36)
Q3 2023	130.65	59.71	39.56	(1.74)
Q4 2023	141.55	59.64	43.01	(10.17)
Q1 2024	140.56	70.35	40.92	(11.90)
Q2 2024	120.46	72.29	45.61	(11.80)
Q3 2024	138.82	69.94	51.56	(15.98)

Period	Flour	Bran	Fodder	Discounts
2020	408.85	87.89	116.11	-
2021	391.62	134.19	114.97	-
2022	491.00	212.52	200.34	(1.06)
2023	521.55	220.61	133.23	(13.31)

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Arabian Mills 9M 2024 profit climbs 11% to SAR 156.4M; Q3 at SAR 54.9M

Financials (M)

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Arabian Mills for Food Products Co. (ARABIAN MILLS)

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Arabian Mills 9M 2024 profit climbs 11% to SAR 156.4M; Q3 at SAR 54.9M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Arabian Mills for Food Products Co. (ARABIAN MILLS)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

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