Modern Mills profit up 4% to SAR 109.5M in H1 2024, Q2 at SAR 44.5M
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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)
| 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 % |
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.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 257.81 | 2.2 % | 99.12 | (3.2 %) | 76.80 | 0.2 % |
| Q2 2024 | 222.99 | 11.6 % | 81.39 | 17.5 % | 55.66 | 4.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 64.98 | 1.4 % | 0.79 | - | 64.98 | 0.79 |
| Q2 2024 | 44.51 | 8.2 % | 0.54 | - | 44.51 | 0.54 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 36.21 % | 33.15 % | 21.47 % |
| Q2 2024 | 36.59 % | 32.60 % | 21.30 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 81.83 | 2.48 | 2.48 | 3.43 |
| Q2 2024 | 81.83 | 2.52 | 2.52 | 2.98 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 25.03 | 25.03 | 18.09 |
| Q2 2024 | 19.84 | 19.84 | 16.76 |
Business Segments (Million)
Q3 2023
| Period | flour | fodder | bran |
|---|---|---|---|
| Q1 2023 | 121.85 | 100.44 | 29.95 |
| Q2 2023 | 83.89 | 86.89 | 28.95 |
| Q3 2023 | 99.57 | 116.20 | 23.37 |
Analysts Estimates (Million)
| Item | Q2 2024 (e) | Q2 2024 (a) | Change |
|---|---|---|---|
| Average | 48.53 | 44.51 | (8.3 %) |
Estimates vs Actual (Million)
| Item | Q2 2024 (e) | Q2 2024 (a) | Change |
|---|---|---|---|
| GIB Capital | 46.00 | 44.51 | (3.2) % |
| Al Rajhi Capital | 43.00 | 44.51 | 3.5 % |
| AlJazira Capital | 56.60 | 44.51 | (21.4) % |
| Current | |
| Market Cap (M Riyal) | 3,297.83 |
| Enterprise Value (EV) (M) | 3,797.99 |
| Shares Outstanding ((M)) | 81.83 |
| EPS ( Riyal) (TTM) | 2.55 |
| Book Value (BV) ( Riyal) | 2.58 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 15.78 |
| P/E (TTM) | 15.78 |
| Price/book | 15.61 |
| Return on Average Assets (%) (TTM) | 17.4 |
| Return on Average Equity (%) (TTM) | 88.4 |
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