Sales push Modern Mills’ profits up to SAR 48.4 million in Q3 2024
MODERN MILLS 2284.SA | 40.80 | -1.21% |
Riyadh - Mubasher: Modern Mills for Food Products Company's profits rose by 6.5% during the third quarter of 2024 compared to the same quarter of 2023 .
The company's results revealed on the "Tadawul" website, today, Thursday, that the net profit after zakat and tax rose to 48.4 million riyals, compared to 45.45 million riyals for the third quarter of last year .
The company attributed the increase in net profits to sales growth, product diversification and increased operational efficiency, despite an exceptional increase in financing costs of 8.4 million Saudi riyals (a non-recurring cost) as a result of debt restructuring.
The company's revenues increased by 5.5% to reach SAR 252.4 million, an increase of SAR 13.2 million. This growth is mainly due to growth in all sectors driven by geographical expansion and the launch of new products, which led to an increase in the company's market share.
On a quarterly basis, the company's profits increased by 8.7% compared to the previous quarter's profits of 44.5 million riyals .
Modern Mills' profits rose in the first nine months of 2024 to 157.9 million riyals, compared to profits of 150.7 million riyals during the same period in 2023, an increase of 4.8%.