Riyadh – Mubasher: The shareholders of Modern Mills for Food Products Company greenlighted SAR 81.83 million, equivalent to 100% of the share capital, for 2023.

 The firm will pay out a dividend of SAR 1 per share on 7 July 2024, according to a bourse disclosure.

The extraordinary general meeting (EGM) approved the dividends proposal on 12 June.

In the 12-month period that ended on 31 December 2023, Modern Mills logged net profits valued at SAR 201.81 million, an annual drop of 13.39% from SAR 233.01 million.

Revenues declined by 4.03% to SAR 938.62 million last year from SAR 978 million in 2022, while the earnings per share (EPS) retreated to SAR 2.47 from SAR 2.85.

The company started the listing of its shares on the Main Market of the Saudi Exchange (Tadawul) last March.