First Mills posts 10% profit rise to SAR 217.5 mln in 2022, Q4 at SAR 20.3 mln
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First Milling Co. (First Mills) reported a net profit jump of 10% to SAR 217.5 million in 2022, from SAR 198.5 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 801.01 | 913.65 | 14.1 % |
| Gross Income | 331.47 | 397.93 | 20.0 % |
| Operating Income | 219.77 | 259.89 | 18.3 % |
| Net Income | 198.48 | 217.48 | 9.6 % |
| Average Shares | 53.92 | 54.32 | 0.7 % |
| EPS (Riyals) | 3.68 | 4.00 | 8.8 % |
The company attributed the profit growth to the rise year-on-year (YoY) in gross profit margin to 44%, from 41%, as well as the increase in operating profit margin to 28%, from 27% in 2021. The company also generated SAR 4.1 million financing revenues in 2022. It recorded SAR 6.4 million loss from impairment of held-for-sale assets in 2021.
By contrast, administrative and marketing expenses increased. In addition, financing costs rose to SAR 39.9 million, other revenues fell, while Zakat expenses increased.
In Q4 2022, net profit slumped 65% YoY to 20.3 million.
When compared to the previous quarter, Q4 net profit dropped 68.1%.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 235.48 | 226.60 | (3.8 %) |
| Gross Income | 104.49 | 87.92 | (15.9 %) |
| Operating Income | 68.47 | 41.43 | (39.5 %) |
| Net Income | 57.75 | 20.29 | (64.9 %) |
| Average Shares | 53.92 | 54.32 | 0.7 % |
| EPS (Riyals) | 1.07 | 0.37 | (65.1 %) |
Shareholders’ equity, no minority interest, stood at SAR 750.96 million by the end of the 12-month period, up from SAR 665.194 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 242.37 | - | 111.36 | - | 77.53 | - |
| Q2 2022 | 206.85 | - | 94.88 | - | 66.16 | - |
| Q3 2022 | 237.84 | 22.3 % | 103.76 | 51.5 % | 74.77 | 78.0 % |
| Q4 2022 | 226.60 | (3.8 %) | 87.92 | (15.9 %) | 41.43 | (39.5 %) |
| 2022 | 913.65 | 14.1 % | 397.93 | 20.0 % | 259.89 | 18.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 72.45 | - | 1.33 | - | 72.45 | 1.33 |
| Q2 2022 | 61.25 | - | 1.13 | - | 61.25 | 1.13 |
| Q3 2022 | 63.49 | 68.9 % | 1.17 | - | 63.49 | 1.17 |
| Q4 2022 | 20.29 | (64.9 %) | 0.37 | (4.28) | 24.56 | 0.45 |
| 2022 | 217.48 | 9.6 % | 4.00 | (4.28) | 221.76 | 4.08 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | 43.14 % | 32.75 % | 26.79 % |
| Q3 2022 | 44.93 % | 36.01 % | 28.34 % |
| Q4 2022 | 43.55 % | 34.09 % | 24.27 % |
| 2022 | 43.55 % | 34.09 % | 24.27 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 54.32 | - | - | 12.90 |
| Q2 2022 | 54.32 | 4.22 | 4.34 | 13.25 |
| Q3 2022 | 54.32 | 4.69 | 4.81 | 15.36 |
| Q4 2022 | 54.32 | 4.00 | 4.08 | 13.53 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | - | - | - |
Business Segments (Million)
Q3 2022
| Period | Flour | Feed | Bran | free sales |
|---|---|---|---|---|
| Q1 2022 | 142.56 | 69.75 | 30.05 | - |
| Q2 2022 | 113.61 | 59.28 | 33.96 | - |
| Q3 2022 | 125.29 | 68.91 | 43.64 | - |
| Current | |
| Market Cap (M Riyal) | 3,318.90 |
| Enterprise Value (EV) (M) | 4,235.09 |
| 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) | 13.58 |
| P/E (TTM) | 13.71 |
| Price/book | 3.79 |
| Return on Average Assets (%) (TTM) | 9.9 |
| Return on Average Equity (%) (TTM) | 28.2 |
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