First Mills profit grows 5% to SAR 77.7M in Q1 2024

23/04/2024 Argaam Exclusive

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First Milling Co. (First Mills) reported a 5% rise in Q1 2024 net profit to SAR 77.7 million from SAR 73.8 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	255.55	276.45	8.2 %
Gross Income	120.14	125.55	4.5 %
Operating Income	90.97	94.39	3.8 %
Net Income	73.76	77.72	5.4 %
Average Shares	55.50	55.50	-
EPS (Riyals)	1.33	1.40	5.4 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	246.62	276.45	12.1 %
Gross Income	104.60	125.55	20.0 %
Operating Income	76.15	94.39	23.9 %
Net Income	57.51	77.72	35.2 %
Average Shares	55.50	55.50	-
EPS (Riyals)	1.04	1.40	35.2 %

The profit increase was driven by an 8.2% year-on-year (YoY) increase in revenue to SAR 276.4 million. This was mainly driven by the strong high double-digit sales growth in fodder of 27% YoY due to higher demand, alongside the robust 8% YoY rise in flour sales, thanks to the additional capacity of Mill C in Jeddah and the Ramadan seasonality.

Higher Q1 2024 revenue was also supported by the improved product mix and the recent launching of the Durum Mill producing semolina. Bran sales, however, decreased by 17% from last year's same quarter as a result of the company’s decision to prioritize the intake of fodder production to fulfill the growth in demand.

During the three-month period, gross profit also increased by 4.5% to SAR 125.6 million, compared to SAR 120.1 million in Q1 2023, mainly driven by higher revenue growth and costs optimization.

Operating expenses (OpEx) remained at the same level as last year’s comparative period. The slight uptick in selling and distribution costs was to support the revenue growth.

As a result, the net profit margin (NPM) increased by SAR 4 million YoY in Q1 2024 and remained at a strong level of 28% of revenue.

The Q1 2024 profit hike was also driven by the optimization of cash by improving interest income from the Shariah-compliant Murabaha deposits.

Compared to the previous quarter, net earnings jumped 35.2% from SAR 57.5 million in Q4 2023.

Revenue increased by 12.1% quarter-on-quarter (QoQ) to SAR 276.4 million in the current quarter.

This was mainly driven by the strong QoQ growth in flour sales by 15% on continued upswing in small pack sales and Ramadan seasonality. Bran sales also witnessed a strong QoQ rise of 42%, lifted by better demand.

Gross profit for Q1 2024 climbed by 20% to SAR 125.6 million, compared to SAR 104.6 million in the previous quarter. This was primarily due to higher revenue growth, the launch of the new Durum Mill and better product mix.

For the same period, OpEx was maintained at the same level as the previous quarter. The modest quarterly surge in selling and distribution costs was to support the revenue growth.

Accordingly, the NPM soared to 28% in Q1 2024, against 23% for the previous quarter.

Shareholders’ equity, no minority interest, increased to SAR 888.35 million as of March 31, 2024, compared to SAR 820.60 million in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	581.24	-	171.61	-	115.64	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	643.89	10.8 %	202.62	18.1 %	134.55	16.4 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	716.06	11.2 %	258.42	27.5 %	199.31	48.1 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	194.40	-	68.50	-	41.99	-
Q4 2021	235.48	-	104.49	-	68.47	-
2021	801.01	11.9 %	331.47	28.3 %	219.77	10.3 %
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 %
Q1 2023	255.55	5.4 %	120.14	7.9 %	90.97	17.3 %
Q2 2023	213.96	3.4 %	87.99	(7.3 %)	51.33	(22.4 %)
Q3 2023	248.14	4.3 %	100.40	(3.2 %)	70.73	(5.4 %)
Q4 2023	246.62	8.8 %	104.60	19.0 %	76.15	83.8 %
2023	964.26	5.5 %	413.14	3.8 %	289.18	11.3 %
Q1 2024	276.45	8.2 %	125.55	4.5 %	94.39	3.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	581.24	-	171.61	-	115.64	-
2019	643.89	10.8 %	202.62	18.1 %	134.55	16.4 %
2020	716.06	11.2 %	258.42	27.5 %	199.31	48.1 %
2021	801.01	11.9 %	331.47	28.3 %	219.77	10.3 %
2022	913.65	14.1 %	397.93	20.0 %	259.89	18.3 %
2023	964.26	5.5 %	413.14	3.8 %	289.18	11.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	103.54	-	1.92	-	103.54	1.92
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	125.78	21.5 %	2.33	-	125.78	2.33
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	190.69	51.6 %	3.54	-	190.69	3.54
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	37.58	-	0.70	-	37.58	0.70
Q4 2021	57.75	-	1.07	(6.47)	64.21	1.19
2021	198.48	4.1 %	3.68	(6.47)	204.94	3.80
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
Q1 2023	73.76	1.8 %	1.33	-	73.76	1.33
Q2 2023	34.91	(43.0 %)	0.63	-	34.91	0.63
Q3 2023	54.04	(14.9 %)	0.97	-	54.04	0.97
Q4 2023	57.51	183.5 %	1.04	(2.47)	59.98	1.08
2023	220.21	1.3 %	3.97	(2.47)	222.68	4.01
Q1 2024	77.72	5.4 %	1.40	-	77.72	1.40

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	103.54	-	1.92	-	103.54	1.92
2019	125.78	21.5 %	2.33	-	125.78	2.33
2020	190.69	51.6 %	3.54	-	190.69	3.54
2021	198.48	4.1 %	3.68	(6.47)	204.94	3.80
2022	217.48	9.6 %	4.00	(4.28)	221.76	4.08
2023	220.21	1.3 %	3.97	(2.47)	222.68	4.01

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	29.52 %	25.33 %	17.81 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	31.47 %	26.37 %	19.53 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	36.09 %	33.22 %	26.63 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	41.38 %	32.88 %	25.59 %
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 %
Q1 2023	43.88 %	35.12 %	24.07 %
Q2 2023	42.81 %	33.32 %	21.06 %
Q3 2023	41.99 %	32.60 %	19.83 %
Q4 2023	42.85 %	34.99 %	23.09 %
2023	42.85 %	34.99 %	23.09 %
Q1 2024	42.49 %	34.80 %	23.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	29.52 %	25.33 %	17.81 %
2019	31.47 %	26.37 %	19.53 %
2020	36.09 %	33.22 %	26.63 %
2021	41.38 %	32.88 %	25.59 %
2022	43.55 %	34.09 %	24.27 %
2023	42.85 %	34.99 %	23.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	35.23 %	-	19.33 %
Q4 2021	44.37 %	33.87 %	27.27 %
Q1 2022	45.95 %	36.55 %	29.89 %
Q2 2022	45.87 %	37.47 %	29.61 %
Q3 2022	43.63 %	36.31 %	26.69 %
Q4 2022	38.80 %	26.03 %	10.84 %
Q1 2023	47.01 %	40.16 %	28.86 %
Q2 2023	41.13 %	29.56 %	16.32 %
Q3 2023	40.46 %	33.44 %	21.78 %
Q4 2023	42.41 %	35.91 %	24.32 %
Q1 2024	45.42 %	39.08 %	28.11 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	53.92	-	-	13.04
Q4 2021	53.92	-	-	12.34
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
Q1 2023	55.50	3.94	4.02	14.79
Q2 2023	55.50	3.47	3.54	15.56
Q3 2023	55.50	3.30	3.37	15.15
Q4 2023	55.50	3.97	4.01	16.07
Q1 2024	55.50	4.04	4.08	16.01

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	53.92	1.92	1.92	14.18
2019	53.92	2.33	2.33	16.52
2020	53.92	3.54	3.54	20.05
2021	53.92	3.68	3.80	12.34
2022	54.32	4.00	4.08	13.53
2023	55.50	3.97	4.01	16.07

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	20.33	19.89	4.53
Q3 2023	22.11	21.61	4.81
Q4 2023	18.93	18.72	4.67
Q1 2024	19.19	18.98	4.84

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	18.93	18.72	4.67

Business Segments (Million)

Compared With The

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	-
Q1 2023	150.39	61.58	43.58	-
Q2 2023	123.81	49.30	40.84	-
Q3 2023	137.84	79.90	30.40	-
Q4 2023	140.86	80.27	25.49	-
Q1 2024	162.04	78.13	36.27	-

Period	Flour	Feed	Bran	free sales
2018	410.72	93.73	76.79	-
2019	438.16	126.10	79.63	-
2020	469.88	178.01	68.41	(0.24)
2021	494.86	222.50	83.65	-
2022	507.43	273.67	132.55	-
2023	552.90	271.05	140.31	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	64.20	77.72	21.06 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
SNB Capital	67.60	77.72	15.0 %
GIB Capital	64.00	77.72	21.4 %
Al Rajhi Capital	61.00	77.72	27.4 %

Financial Ratios

	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

First Milling Co. (FIRST MILLS)

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First Mills profit grows 5% to SAR 77.7M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

First Milling Co. (FIRST MILLS)

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First Mills profit grows 5% to SAR 77.7M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

First Milling Co. (FIRST MILLS)

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Business Segments (Million)