First Milling Co. (First Mills) posted a net profit of SAR 73.8 million for the first quarter of 2023, a rise of 2% compared to SAR 72.5 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 242.37 | 255.55 | 5.4 % |
| Gross Income | 111.36 | 120.14 | 7.9 % |
| Operating Income | 77.53 | 90.97 | 17.3 % |
| Net Income | 72.45 | 73.76 | 1.8 % |
| Average Shares | 54.32 | 55.50 | 2.2 % |
| EPS (Riyals) | 1.33 | 1.33 | (0.4 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 226.60 | 255.55 | 12.8 % |
| Gross Income | 87.92 | 120.14 | 36.7 % |
| Operating Income | 41.43 | 90.97 | 119.5 % |
| Net Income | 20.29 | 73.76 | 263.6 % |
| Average Shares | 54.32 | 55.50 | 2.2 % |
| EPS (Riyals) | 0.37 | 1.33 | 255.9 % |
The increased profit was driven by a rise in gross profit margin to 47% compared to 46% a year earlier, as well as a higher operating margin to 36% compared to 32% in Q1 2022.
The newly listed company also posted financing revenues of SAR 7 million in the three-month period.
However, it recorded SAR 18.8 million in financing costs related to long-term loans, as well as offsetting a loan worth SAR 604,000 in Q1 2023.
Compared with the previous quarter, the first-quarter net profit more than doubled from SAR 20.29 million.
Total shareholders' equity, no minority interest, reached SAR 820.60 million at the end of the three-month period, compared to SAR 695.71 million a year before.
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