Modern Mills Company for Food Products reported a slight increase in net profit, rising to SAR 65 million for the first quarter, up by 1.4% from SAR 64 million in the corresponding quarter of the previous year. This was revealed in today’s announcement of the preliminary financial results for the period ending March 31, 2024.
The company saw a marginal rise in operating profit, reaching SAR 76.8 million, up 0.2% from SAR 76.66 million in the same quarter last year. Earnings per share stood at 0.79 riyals, down from 0.87 riyals in the same period last year.
Net revenue increased by SAR 5.6 million or 2.2%, amounting to SAR 257.8 million this quarter, compared to SAR 252.2 million in the same quarter last year. The increase was primarily driven by revenue growth and the introduction of new sub-categories.
Compared to the previous quarter, net revenue rose by SAR 10.3 million or 4.2%, reaching SAR 257.8 million, largely due to strategic planning for the Ramadan season and ongoing revenue enhancements.
Net profit for the current quarter increased by SAR 13.86 million or 27.1% from the previous quarter’s SAR 51.1 million, reaching SAR 64.98 million. This significant quarterly rise was attributed to robust revenue growth coupled with expense rationalization and enhanced efficiency.
The company also noted that some items and notes in the Consolidated Financial Statements had been reclassified for comparison purposes to align with the International Financial Reporting Standards (IFRS) endorsed in the Kingdom of Saudi Arabia.
