First Mills posts 2% profit growth to SAR 73.8 mln in Q1 2023

02/07/2023 Argaam Exclusive

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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Share Price

First Milling Co.
60.80
(0.40) (0.65 %)

First Milling Co. (FIRST MILLS)

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Financial Ratios
Current
Market Cap (M Riyal) 3,374.40
Enterprise Value (EV) (M) 4,290.59
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 4.36
Book Value (BV) ( Riyal) 15.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.80
P/E (TTM) 13.94
Price/book 3.85
Return on Average Assets (%) (TTM) 9.9
Return on Average Equity (%) (TTM) 28.2
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