Financial Results : First Mills H1 2024 profit up 13% to SAR 123.2M; Q2 at SAR 45.5M

First Mills H1 2024 profit up 13% to SAR 123.2M; Q2 at SAR 45.5M

23/07/2024 Argaam Exclusive

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First Milling Co. (First Mills) reported a net profit of SAR 123.2 million for the six months ended on June 30, 2024, an increase of 13% from SAR 108.7 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 469.50 518.80 10.5 %
Gross Income 208.14 225.93 8.6 %
Operating Income 142.30 158.22 11.2 %
Net Income 108.67 123.23 13.4 %
Average Shares 55.50 55.50 -
EPS (Riyals) 1.96 2.22 13.4 %

This was spurred by an increase of 10.5% or SAR 49.3 million in revenue as a result of higher fodder sales and improved product mix, pricing, and the launch of new products. The company also cited improved efficiency and cash optimization.

 

Net profit margin levels increased by SAR 14.6 million in H1 2024 compared to the same period of the previous year, achieving a margin of 23.8% of revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 213.96 242.35 13.3 %
Gross Income 87.99 100.38 14.1 %
Operating Income 51.33 63.84 24.4 %
Net Income 34.91 45.51 30.4 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.63 0.82 30.4 %
Q2 2024 net earnings amounted to SAR 45.5 million, rising 30% from SAR 34.9 million in Q2 2023, driven by strong sales growth across all product categories. The company also cited the continuing growth in small pack product volume at a high double-digit 21%, driven by strengthening the company's distribution network and expanding into more geographic coverage, leading to an improvement in the product mix with better margins. It also maintained cost optimization in line with sales growth.
 
On a sequential basis, net profit declined 41.4% from SAR 77.7 million in Q1 2024.
 
Total shareholders’ equity, no minority interest, reached SAR 915.44 million by June 30, 2024, compared to SAR 863.34 million in the prior-year period.

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