Modern Mills 9M 2024 profit rises to SAR 157.9M, Q3 at SAR 48.4M
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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 | - |
| 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)
| 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 | - |
| 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.
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 % |
| Q3 2024 | 252.35 | 5.5 % | 94.22 | 13.4 % | 68.62 | 14.9 % |
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 |
| Q3 2024 | 48.40 | 6.5 % | 0.59 | - | 48.40 | 0.59 |
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 % |
| Q3 2024 | 37.23 % | 33.15 % | 21.31 % |
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 |
| Q3 2024 | 81.83 | 2.55 | 2.55 | 2.58 |
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 |
| Q3 2024 | 18.95 | 18.95 | 18.75 |
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 | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 50.30 | 48.40 | (3.8 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| SNB Capital | 49.70 | 48.40 | (2.6) % |
| Al Rajhi Capital | 50.00 | 48.40 | (3.2) % |
| AlJazira Capital | 50.50 | 48.40 | (4.2) % |
| GIB Capital | 51.00 | 48.40 | (5.1) % |
| Current | |
| Market Cap (M Riyal) | 3,326.47 |
| Enterprise Value (EV) (M) | 3,826.63 |
| 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) | 15.92 |
| P/E (TTM) | 15.92 |
| Price/book | 15.75 |
| Return on Average Assets (%) (TTM) | 17.4 |
| Return on Average Equity (%) (TTM) | 88.4 |
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