About MMC and Our IPO
About MMC and Our IPO
About MMC and Our IPO
About MMC and Our IPO
About MMC and Our IPO
About MMC and Our IPO
Modern Mills Company (“MMC” ) is pleased to announce its intention to offer 24,549,600 ordinary shares, representing 30% of its share capital, to the public through a 100% Initial Public Offering (IPO) of existing shares on the Main Market of the Saudi Exchange.
MMC is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. MMC has an established market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth. This IPO presents an opportunity to invest in a best-in-class, high-growth food business in the region with a robust financial profile.
Modern Mills Company (“MMC” ) is pleased to announce its intention to offer 24,549,600 ordinary shares, representing 30% of its share capital, to the public through a 100% Initial Public Offering (IPO) of existing shares on the Main Market of the Saudi Exchange.
MMC is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. MMC has an established market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth. This IPO presents an opportunity to invest in a best-in-class, high-growth food business in the region with a robust financial profile.
Modern Mills Company (“MMC” ) is pleased to announce its intention to offer 24,549,600 ordinary shares, representing 30% of its share capital, to the public through a 100% Initial Public Offering (IPO) of existing shares on the Main Market of the Saudi Exchange.
MMC is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. MMC has an established market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth. This IPO presents an opportunity to invest in a best-in-class, high-growth food business in the region with a robust financial profile.
Modern Mills Company (“MMC” ) is pleased to announce its intention to offer 24,549,600 ordinary shares, representing 30% of its share capital, to the public through a 100% Initial Public Offering (IPO) of existing shares on the Main Market of the Saudi Exchange.
MMC is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. MMC has an established market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth. This IPO presents an opportunity to invest in a best-in-class, high-growth food business in the region with a robust financial profile.
Modern Mills Company (“MMC” ) is pleased to announce its intention to offer 24,549,600 ordinary shares, representing 30% of its share capital, to the public through a 100% Initial Public Offering (IPO) of existing shares on the Main Market of the Saudi Exchange.
MMC is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. MMC has an established market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth. This IPO presents an opportunity to invest in a best-in-class, high-growth food business in the region with a robust financial profile.
Read more
Modern Mills Company (“MMC” ) is pleased to announce its intention to offer 24,549,600 ordinary shares, representing 30% of its share capital, to the public through a 100% Initial Public Offering (IPO) of existing shares on the Main Market of the Saudi Exchange.
MMC is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. MMC has an established market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth. This IPO presents an opportunity to invest in a best-in-class, high-growth food business in the region with a robust financial profile.
Message from Leadership
Message from Leadership
Message from Leadership
Message from Leadership
Message from Leadership
Message from Leadership
Message from the Chairman
Dr. Ibrahim Suliman Al Rajhi
"Today, we embark on a new chapter of MMC’s journey. Established in 2016, MMC draws on an inherited legacy of five-decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence.
Our sector is backed by strong fundamentals and through our best-in-class operational model, and highly experienced management team, we are well poised to unlock and capture additional growth. This IPO is a reaffirmation of our commitment to Saudi Arabia’s vision of a self-sufficient, secure future in food production and testament to the success of the Kingdom’s Privatization Program for the sector. We are proud to be playing an active role in enhancing the efficiency and competitiveness of the sector and in turn providing the best quality of goods and services to consumers.
Today marks a unique opportunity for investors to be part of a company with a clear vision, defined growth pillars, robust governance, and a commitment to nurturing the Kingdom’s prosperity and food self-reliance for generations to come.”
Ibrahim Suliman Al Rajhi
Message from the Chairman
Dr. Ibrahim Suliman Al Rajhi
"Today, we embark on a new chapter of MMC’s journey. Established in 2016, MMC draws on an inherited legacy of five-decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence.
Our sector is backed by strong fundamentals and through our best-in-class operational model, and highly experienced management team, we are well poised to unlock and capture additional growth. This IPO is a reaffirmation of our commitment to Saudi Arabia’s vision of a self-sufficient, secure future in food production and testament to the success of the Kingdom’s Privatization Program for the sector. We are proud to be playing an active role in enhancing the efficiency and competitiveness of the sector and in turn providing the best quality of goods and services to consumers.
Today marks a unique opportunity for investors to be part of a company with a clear vision, defined growth pillars, robust governance, and a commitment to nurturing the Kingdom’s prosperity and food self-reliance for generations to come.”
Read more
Ibrahim Suliman Al Rajhi
Message from the Chairman
Dr. Ibrahim Suliman Al Rajhi
"Today, we embark on a new chapter of MMC’s journey. Established in 2016, MMC draws on an inherited legacy of five-decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence.
Our sector is backed by strong fundamentals and through our best-in-class operational model, and highly experienced management team, we are well poised to unlock and capture additional growth. This IPO is a reaffirmation of our commitment to Saudi Arabia’s vision of a self-sufficient, secure future in food production and testament to the success of the Kingdom’s Privatization Program for the sector. We are proud to be playing an active role in enhancing the efficiency and competitiveness of the sector and in turn providing the best quality of goods and services to consumers.
Today marks a unique opportunity for investors to be part of a company with a clear vision, defined growth pillars, robust governance, and a commitment to nurturing the Kingdom’s prosperity and food self-reliance for generations to come.”
Ibrahim Suliman Al Rajhi
Message from the Chairman
Dr. Ibrahim Suliman Al Rajhi
Ibrahim Suliman AlRajhi
"Today, we embark on a new chapter of MMC’s journey. Established in 2016, MMC draws on an inherited legacy of five-decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence.
Our sector is backed by strong…
Read more
Message from the Chairman
Dr. Ibrahim Suliman Al Rajhi
"Today, we embark on a new chapter of MMC’s journey. Established in 2016, MMC draws on an inherited legacy of five-decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence.
Our sector is backed by strong fundamentals and through our best-in-class operational model, and highly experienced management team, we are well poised to unlock and capture additional growth. This IPO is a reaffirmation of our commitment to Saudi Arabia’s vision of a self-sufficient, secure future in food production and testament to the success of the Kingdom’s Privatization Program for the sector. We are proud to be playing an active role in enhancing the efficiency and competitiveness of the sector and in turn providing the best quality of goods and services to consumers.
Today marks a unique opportunity for investors to be part of a company with a clear vision, defined growth pillars, robust governance, and a commitment to nurturing the Kingdom’s prosperity and food self-reliance for generations to come.”
Ibrahim Suliman Al Rajhi
Message from the CEO
Osama Ashi
“Since its restructuring in late 2020, MMC has been on a transformative journey focused on optimizing operations, protecting and strengthening our market share, generating top-line growth and implementing best-in-class governance. Today, I am proud to report that we have made tremendous progress across all fronts – by the end of 2022, MMC’s flour market share in volume grew to 24% - the highest market share gain in the industry, we recorded a c.50% revenue CAGR between 2020 and 2022, and as of the first half of 2023, have achieved a 92% capacity utilization. With the backing of our Board and shareholders, we have implemented SAP ERP and instituted policies and processes to support and sustain our operations and growth ambitions.”
Looking ahead, we remain focused on unlocking further growth through a clear strategy set on strengthening our market share across our three product categories, continued investment in people and technology, expanding our product portfolio, accessing new geographies, and profitably expanding into adjacent categories which offer downstream synergy opportunities, all the while charting a clear course towards greater sustainability. This IPO is an opportunity for us to further grow our shareholder base welcoming investors seeking a meaningful and rewarding investment proposition.”
Osama Ashi
Message from the CEO
Osama Ashi
“Since its restructuring in late 2020, MMC has been on a transformative journey focused on optimizing operations, protecting and strengthening our market share, generating top-line growth and implementing best-in-class governance. Today, I am proud to report that we have made tremendous progress across all fronts – by the end of 2022, MMC’s flour market share in volume grew to 24% - the highest market share gain in the industry, we recorded a c.50% revenue CAGR between 2020 and 2022, and as of the first half of 2023, have achieved a 92% capacity utilization. With the backing of our Board and shareholders, we have implemented SAP ERP and instituted policies and processes to support and sustain our operations and growth ambitions.”
Looking ahead, we remain focused on unlocking further growth through a clear strategy set on strengthening our market share across our three product categories, continued investment in people and technology, expanding our product portfolio, accessing new geographies, and profitably expanding into adjacent categories which offer downstream synergy opportunities, all the while charting a clear course towards greater sustainability. This IPO is an opportunity for us to further grow our shareholder base welcoming investors seeking a meaningful and rewarding investment proposition.”
Read more
Osama Ashi
Message from the CEO
Osama Ashi
“Since its restructuring in late 2020, MMC has been on a transformative journey focused on optimizing operations, protecting and strengthening our market share, generating top-line growth and implementing best-in-class governance. Today, I am proud to report that we have made tremendous progress across all fronts – by the end of 2022, MMC’s flour market share in volume grew to 24% - the highest market share gain in the industry, we recorded a c.50% revenue CAGR between 2020 and 2022, and as of the first half of 2023, have achieved a 92% capacity utilization. With the backing of our Board and shareholders, we have implemented SAP ERP and instituted policies and processes to support and sustain our operations and growth ambitions.”
Looking ahead, we remain focused on unlocking further growth through a clear strategy set on strengthening our market share across our three product categories, continued investment in people and technology, expanding our product portfolio, accessing new geographies, and profitably expanding into adjacent categories which offer downstream synergy opportunities, all the while charting a clear course towards greater sustainability. This IPO is an opportunity for us to further grow our shareholder base welcoming investors seeking a meaningful and rewarding investment proposition.”
Osama Ashi
Message from the CEO
Osama Ashi
Osama Ashi
“Since its restructuring in late 2020, MMC has been on a transformative journey focused on optimizing operations, protecting and strengthening our market share, generating top-line growth and implementing best-in-class governance. Today, I am proud to report that we have made tremendous progress across all …
Read more
Message from the CEO
Osama Ashi
“Since its restructuring in late 2020, MMC has been on a transformative journey focused on optimizing operations, protecting and strengthening our market share, generating top-line growth and implementing best-in-class governance. Today, I am proud to report that we have made tremendous progress across all fronts – by the end of 2022, MMC’s flour market share in volume grew to 24% - the highest market share gain in the industry, we recorded a c.50% revenue CAGR between 2020 and 2022, and as of the first half of 2023, have achieved a 92% capacity utilization. With the backing of our Board and shareholders, we have implemented SAP ERP and instituted policies and processes to support and sustain our operations and growth ambitions.”
Looking ahead, we remain focused on unlocking further growth through a clear strategy set on strengthening our market share across our three product categories, continued investment in people and technology, expanding our product portfolio, accessing new geographies, and profitably expanding into adjacent categories which offer downstream synergy opportunities, all the while charting a clear course towards greater sustainability. This IPO is an opportunity for us to further grow our shareholder base welcoming investors seeking a meaningful and rewarding investment proposition.”
Osama Ashi
Message from the Chairman
Dr. Ibrahim Suliman Al Rajhi
"Today, we embark on a new chapter of MMC’s journey. Established in 2016, MMC draws on an inherited legacy of five-decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence.
Our sector is backed by strong fundamentals and through our best-in-class operational model, and highly experienced management team, we are well poised to unlock and capture additional growth. This IPO is a reaffirmation of our commitment to Saudi Arabia’s vision of a self-sufficient, secure future in food production and testament to the success of the Kingdom’s Privatization Program for the sector. We are proud to be playing an active role in enhancing the efficiency and competitiveness of the sector and in turn providing the best quality of goods and services to consumers.
Today marks a unique opportunity for investors to be part of a company with a clear vision, defined growth pillars, robust governance, and a commitment to nurturing the Kingdom’s prosperity and food self-reliance for generations to come.”
Ibrahim Suliman Al Rajhi
Message from the CEO
Osama Ashi
“Since its restructuring in late 2020, MMC has been on a transformative journey focused on optimizing operations, protecting and strengthening our market share, generating top-line growth and implementing best-in-class governance. Today, I am proud to report that we have made tremendous progress across all fronts – by the end of 2022, MMC’s flour market share in volume grew to 24% - the highest market share gain in the industry, we recorded a c.50% revenue CAGR between 2020 and 2022, and as of the first half of 2023, have achieved a 92% capacity utilization. With the backing of our Board and shareholders, we have implemented SAP ERP and instituted policies and processes to support and sustain our operations and growth ambitions.”
Looking ahead, we remain focused on unlocking further growth through a clear strategy set on strengthening our market share across our three product categories, continued investment in people and technology, expanding our product portfolio, accessing new geographies, and profitably expanding into adjacent categories which offer downstream synergy opportunities, all the while charting a clear course towards greater sustainability. This IPO is an opportunity for us to further grow our shareholder base welcoming investors seeking a meaningful and rewarding investment proposition.”
Osama Ashi
MMC in Numbers
MMC in Numbers
MMC in Numbers
MMC in Numbers
MMC in Numbers
MMC in Numbers
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
Financial KPIs
Operational KPIs (as of H1 ‘23)
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
Financial KPIs
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
Financial KPIs
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
Financial KPIs
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
Financial KPIs
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
Operational KPIs (as of H1 ‘23)
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
Operational KPIs (as of H1 ‘23)
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
185k
Silo Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
Operational KPIs (as of H1 ‘23)
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
185k
Silo Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
Operational KPIs (as of H1 ‘23)
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
185k
Silo Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
SAR 452m
Revenue (H1-‘23)
SAR 159m
EBITDA (H1-‘23)
SAR 105m
Net Income (H1 – ‘23)
50%
Revenue 2Y CAGR (2020-2022)
35%
EBITDA Margin (H1-‘23)
23%
Net Income Margin (H1 – ‘23)
2.3x
Net debt to EBITDA (H1 – ‘23)
Financial KPIs
Operational KPIs (as of H1 ‘23)
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
1.5m
Total Production Capacity (metric ton/ annum) @ 320 days
3,450
Daily Wheat Production Capacity (metric ton)
1,104,000
Wheat Milling Capacity (tons per annum)
1,400
Daily Feed Production Capacity (tons)
185k
Silo Capacity (metric ton)
368,000
Feed Milling (tons per annum)
520
Employees
42.3%
Saudization
92%
Capacity Utilization
Investment Highlights
Investment Highlights
Investment Highlights
Investment Highlights
Investment Highlights
Investment Highlights
1.
Non-cyclical market growing at c.4% CAGR
2.
Fastest growing market position and innovative product portfolio
3.
Sizable and growing production capacity
4.
Well-diversified operations at all levels