Saudi’s Fourth Milling achieves record US$170M revenue in 2024, net profit jumps 19%
Operational profit for the full year climbed 21.1% to US$53.46 million while gross profit rose 19.7% to US$79.65 million.
SAUDI ARABIA – Fourth Milling Company (MC4), a major flour and derivatives producer in Saudi Arabia, has posted its highest-ever annual revenue of approximately US$170 million (SAR 629 million) for the full year ended 31 December 2024 (FY 2024), reflecting a 12.7% year-on-year increase.
The company also reported a net profit surge of 19.7% year-on-year, reaching US$46.17 million (SAR 171 million), fueled by strong sales growth, improved production efficiency, and market expansion.
Established in 2017 under Saudi Arabia’s milling industry privatization program, MC4 builds on a 40-year legacy of producing premium flour and wheat derivatives. Today, it stands as one of the Kingdom’s largest and most innovative players in the milling and animal feed sectors.
In the fourth quarter of 2024 (Q4 2024), MC4 registered US$44.96 million (SAR 167 million) in revenue, up 13.1% from Q3 2024. Its quarterly net profit was US$11.34 million (SAR 42 million), marking a 19.7% increase compared to the previous quarter.
Operational profit for the full year climbed 21.1% to US$53.46 million (SAR 198 million), while gross profit rose 19.7% to US$79.65 million (SAR 295 million).
The company attributes this performance to a 16% year-on-year increase in sales volumes, underpinned by MC4’s expanded geographic coverage and deeper market penetration.
The company’s flour category grew 15%, while feed and bran products recorded a 12% increase in sales volumes over the year.
To reward shareholders, the Board of Directors approved a cash dividend of US$16.04 million (SAR 59.4 million), or US$0.029 per share (SAR 0.11), for the second half of the year, set to be distributed within 15 working days from the eligibility date of 24 March 2025.
MC4’s strategic milestone in 2024 was its public listing on the Saudi Exchange Main Market on 29 October under the ticker “2286”.
The IPO, which involved 30% of the company’s share capital, was met with overwhelming institutional demand,119 times oversubscribed, and achieved an initial market capitalization of approximately $773 million (SAR 2.862 billion) at a listing price of $1.43 per share (SAR 5.30).
“In Q4 and FY 2024, we achieved nearly 20% net profit growth and a 13% revenue rise, driven by growth across all of our business units and increased operational efficiency. Our flagship consumer flour brand, FOOM, now commands approximately 30% market share in the Consumer Pack segment,” said Khalid Al Maktary, CEO of Fourth Milling Company.
MC4 currently operates three state-of-the-art facilities in Dammam, Madinah, and Al-Kharj, serving over 80% of the Saudi population.
As part of its forward-looking strategy, the company has secured approval from the General Food Security Authority (GFSA) to export its flour products to regional and international markets.
Additionally, MC4 received clearance to boost its flour production capacity by 11.67%, from 945,000 to 1,055,250 metric tons annually, strengthening its ability to meet rising domestic and export demand.
Looking ahead, MC4 is poised to maintain its growth trajectory through capacity expansion, product diversification, and continued investment in infrastructure and talent.
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