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

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

02/07/2023 Argaam Exclusive

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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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