Modern Mills Profits Increased to SAR 44.5 Million During Q2, Up by 8%

The net profit of Modern Mills Food Products Company grew to 44.5 million riyals during the second quarter of 2024, compared to 41 million riyals in the same quarter of last year, marking an 8% increase. This announcement came following the release of the preliminary financial results for the period ending on June 30, 2024 (six months).

Operating profit reached 56 million riyals in the second quarter, compared to 53 million riyals in the same quarter of the previous year, reflecting an increase of 4%. Net profit for the 6-month period amounted to 109.5 million riyals, compared to 105 million riyals in the same period last year, showing a growth of 4%.

Earnings per share in the current period amounted to 1.35 riyals, compared to 1.29 riyals in the same period last year.

The company announced today on Tadawul that revenue grew by 11.6%, reaching 223.0 million riyals, an increase of 23.2 million riyals. This growth is mainly driven by double-digit sales growth in flour and feed, resulting from increased market share driven by Hajj season momentum, geographical expansion, and new product launches.