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 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	276.45	242.35	(12.3 %)
Gross Income	125.55	100.38	(20.1 %)
Operating Income	94.39	63.84	(32.4 %)
Net Income	77.72	45.51	(41.4 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	1.40	0.82	(41.4 %)

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.

Attached Documents:

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Quarterly Actuals vs Estimates 23/07/202423/07/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
ETIHAD ETISALAT	648.32	661.00	2.0 %
FIRST MILLS	50.93	45.51	(10.7 %)

Company	Estimated	Actual	Change
ETIHAD ETISALAT	648.32	661.00	2.0 %

Company	Estimated	Actual	Change
FIRST MILLS	50.93	45.51	(10.7 %)

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