MC4 9M 2024 net profit rises to SAR 128.8M; Q3 at SAR 47.1M
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Fourth Milling Co. (MC4) reported a net profit of SAR 128.8 million for the first nine months of 2024, 20% growth from SAR 107.6 million in the year-earlier period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 410.69 | 462.29 | 12.6 % |
| Gross Income | 180.77 | 213.67 | 18.2 % |
| Operating Income | 125.69 | 144.80 | 15.2 % |
| Net Income | 107.65 | 128.83 | 19.7 % |
| Average Shares | 540.00 | 540.00 | - |
| EPS (Riyals) | 0.20 | 0.24 | 19.7 % |
Revenue increased by 12.6% to SAR 462.3 million in the nine-month period, on 15.7% rise in flour sales, 7.4% growth in feedstock sales and a decline in selling and distribution expenses. This was offset by higher general and administrative expenses due to new hirings and provision allocation.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 136.72 | 159.93 | 17.0 % |
| Gross Income | 59.72 | 77.19 | 29.3 % |
| Operating Income | 42.27 | 52.87 | 25.1 % |
| Net Income | 38.72 | 47.06 | 21.5 % |
| Average Shares | 540.00 | 540.00 | - |
| EPS (Riyals) | 0.07 | 0.09 | 21.5 % |
Q3 2024 net profit stood at SAR 47.1 million, an increase of 21.7% year-on-year (YoY), from SAR 38.7 million, driven by a 17% growth in revenue to SAR 159.9 million.
On a sequential basis, net earnings jumped by 42.1%, from SAR 33.1 million.
Total shareholders’ equity (no minority equity) stood at SAR 730.5 million by Sept. 30, 2024, compared to SAR 696.2 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 170.33 | 5.1 % | 84.19 | 5.8 % | 54.54 | (4.2 %) |
| Q2 2024 | 138.12 | 19.9 % | 58.48 | 26.4 % | 37.40 | 41.2 % |
| Q3 2024 | 159.93 | 17.0 % | 77.19 | 29.3 % | 52.87 | 25.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 48.62 | 6.8 % | 0.09 | - | 48.62 | 0.09 |
| Q2 2024 | 33.15 | 41.6 % | 0.06 | - | 33.15 | 0.06 |
| Q3 2024 | 47.06 | 21.5 % | 0.09 | - | 47.06 | 0.09 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 46.58 % | 34.99 % | 25.28 % |
| Q2 2024 | 46.83 % | 37.68 % | 25.94 % |
| Q3 2024 | 47.89 % | 37.91 % | 26.31 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 540.00 | 0.27 | 0.27 | - |
| Q2 2024 | 540.00 | 0.29 | 0.29 | 1.27 |
| Q3 2024 | 540.00 | 0.30 | 0.30 | 1.35 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
Business Segments (Million)
Q3 2024
| Period | Flour | bran | Fodder | Discount and Rebates |
|---|---|---|---|---|
| Q1 2024 | 118.71 | 46.87 | 10.66 | (5.90) |
| Q2 2024 | 92.35 | 37.68 | 11.00 | (2.91) |
| Q3 2024 | 103.28 | 50.65 | 15.43 | (9.44) |
| Current | |
| Market Cap (M Riyal) | 2,370.60 |
| Enterprise Value (EV) (M) | 2,158.96 |
| Shares Outstanding ((M)) | 540.00 |
| EPS ( Riyal) (TTM) | 0.30 |
| Book Value (BV) ( Riyal) | 1.35 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 14.46 |
| P/E (TTM) | 14.46 |
| Price/book | 3.25 |
| Return on Average Assets (%) (TTM) | - |
| Return on Average Equity (%) (TTM) | 23.0 |
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