Arabian Mills profits decline to 55 million riyals during Q3, by 20%

The net profit of Arabian Mills for Food Products decreased to 55 million riyals during the third quarter compared to 68 million riyals in the same quarter of last year by 20%, following the announcement today of the preliminary consolidated financial results for the period ending September 30, 2024 (9 months).

The operating profit amounted to 77 million riyals in the third quarter compared to 80 million riyals in the same quarter of the previous year, a decrease of 14%.

As for the net profit in the current period, it amounted to 156 million riyals compared to 140 million riyals in the same period of last year, an increase of 11%.

The earnings per share in the current period amounted to 3.05 riyals compared to 2.73 riyals in the same period of last year.

The company said in a statement that revenues increased by 7.08% to reach 244.3 million riyals in the current quarter, representing a growth of 16.2 million riyals compared to 228.1 million riyals in the same quarter of the previous year. This growth is mainly due to the following reasons:

1- The company’s sales growth in all product sectors and the success of the company’s strategy in expanding partnerships with existing customers, acquiring new customers, and increasing promotional campaigns for the company’s products.

2- The success of the company’s plans to balance operating expenses in line with growth in all sectors of the company, including sales and marketing campaigns.

3- Total volume increased by 8.1%.

4- Increase in flour revenues by 4.7%, bran by 5%, and feed by 18.1%.