First Mills 2024 profit up 14% to SAR 250.9M; Q4 at SAR 66.4M

18/02/2025 Argaam Exclusive

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First Milling Co. (First Mills) reported a 2024 net profit of SAR 250.9 million, rising 14% from SAR 220.2 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	964.26	1,048.90	8.8 %
Gross Income	413.14	456.10	10.4 %
Operating Income	287.00	318.50	11.0 %
Net Income	220.21	250.90	13.9 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	4.01	4.52	12.7 %
EPS (Riyals)	3.97	4.52	13.9 %

Revenue increased by 8.8% year-on-year (YoY), reaching SAR 1.04 billion in 2024, mainly driven by a 16.7% rise in feed sales, improved product mix, and better pricing management.

Gross profit also increased by 10.4% YoY to SAR 456.1 million on higher revenue while maintaining cost control, upgrade of new mills, and improved product mix.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	246.62	268.80	9.0 %
Gross Income	104.60	118.60	13.4 %
Operating Income	73.90	82.40	11.5 %
Net Income	57.51	66.40	15.5 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	1.08	1.20	10.7 %
EPS (Riyals)	1.04	1.20	15.5 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	261.21	268.80	2.9 %
Gross Income	111.54	118.60	6.3 %
Operating Income	77.84	82.40	5.9 %
Net Income	61.28	66.40	8.4 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	1.10	1.20	8.4 %
EPS (Riyals)	1.10	1.20	8.4 %

The fourth-quarter net earnings increased 16% to SAR 66.4 million from SAR 57.51 million in Q4 2023, fueled primarily by higher revenues and gross profit.

On a quarterly basis, the company’s net profit grew 8.4% from SAR 61.28 million in Q3 2024.

Shareholders’ equity, no minority interest, increased to SAR 945 million as of Dec. 31, 2024, compared to SAR 892.1 million in the year-earlier period.

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