Modern Mills 2024 Profits Rise 3% to SAR 209 Million

Modern Milling Co. announced on Tuesday that its net profit grew by 3% to SAR 209 million by the end of 2024, compared to SAR 202 million in 2023, following the announcement today of the annual financial results ending on Dec. 31, 2024.

The operating profit increased by 2% to SAR 259 million by the end of 2024, compared to SAR 254 million in 2023.

The total equity (after excluding non-controlling interests) in the current year increased by 6% to SAR 263 million, compared to SAR 248 million in 2023.

The profits per share for the current year amounted to SAR 2.57, compared to SAR 2.47 in 2023.

The Company stated in a statement on “Tadawul” that revenues grew by 6.6% to exceed SAR 1 billion by the end of 2024, driven by growth in all sectors. The growth was driven by developing new products and geographical expansion in addition to increasing market share.