Company’s net profits declineModern mills“Saudi Arabia increased by 13.39% in the entire last year to 201.8 million riyals, as a result of a decrease in the profit margin from the animal bran sector, and underwriting expenses of 7.2 million Saudi riyals, according to the company’s financial statements published on Sunday. Saudi stock market.
These are the first financial results announced by Modern Mills after collecting 1.178 billion riyals from the sale of 30% of its shares in the initial public offering.
read more: Modern Mills announces the offering of 30% of its shares on the Saudi stock market
The company’s results were also affected by an increase in the cost of financing by 12.5 million Saudi riyals amid the rise in SIBOR rates (the main interest rate in Saudi banks), and an increase in the cost of zakat by 2.3 million Saudi riyals, according to its disclosure on Tadawul.
The company added in the disclosure that it achieved revenues amounting to 938.6 million riyals, recording a decrease of 4%, which was also mainly due to weak sales of animal bran. While the decline in revenues was mitigated by higher sales of flour and animal feed.
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