Financial Results : Modern Mills profit up 3% to SAR 208.7M in 2024; Q4 at SAR 50.8M

Modern Mills profit up 3% to SAR 208.7M in 2024; Q4 at SAR 50.8M

04/03/2025 Argaam Exclusive

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Modern Mills for Food Products Co. reported a net profit of SAR 208.7 million in 2024, an increase of 3% from SAR 201.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 938.62 1,000.25 6.6 %
Gross Income 345.74 373.31 8.0 %
Operating Income 253.52 259.05 2.2 %
Net Income 201.81 208.67 3.4 %
Average Shares 81.83 81.83 -
Earnings Per Share before unusual items (Riyals) 2.47 2.62 6.4 %
EPS (Riyal) 2.47 2.55 3.4 %

Revenue increased by 6.6% to SAR 1 billion in 2024, driven by growth across all segments, product development, expansions, and market share gains.

 

Other divers included higher gross profit margins, despite the one-off finance cost of SAR 8.4 million related to debt restructuring (expected to lower Murabaha interest expenses).



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 247.51 267.11 7.9 %
Gross Income 91.34 98.59 7.9 %
Operating Income 63.70 58.09 (8.8 %)
Net Income 51.12 50.78 (0.7 %)
Average Shares 81.83 81.83 -
Earnings Per Share before unusual items (Riyal) 0.62 0.59 (5.1 %)
EPS (Riyal) 0.62 0.62 (0.7 %)

Q4 2024 net earnings stood at SAR 50.8 million, slightly lower than SAR 51.1 million in Q4 2023.

 

On a sequential basis, net profit grew by 4.9% from SAR 48.4 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 262.55 million by Dec. 31, 2024, compared to SAR 247.65 million a year earlier.

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