First Mills 9M 2024 profit rises13% to SAR 184.5M, Q3 at SAR 61.3M

22/10/2024 Argaam Exclusive

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First Milling Co. (First Mills) reported a net profit of SAR 184.5 million in the first nine months of 2024, a 13% increase from SAR 162.7 million in a year earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	717.64	780.01	8.7 %
Gross Income	308.54	337.48	9.4 %
Operating Income	213.03	235.92	10.7 %
Net Income	162.70	184.51	13.4 %
Average Shares	55.50	55.50	-
EPS (Riyals)	2.93	3.32	13.4 %

Revenue increased by 8.7%, or SAR 62.4 million, year-on-year (YoY) to SAR 780 million, as the sales of feed and flour increased by 18.2% and 7.9% YoY, respectively along with the improvement in the product mixes, pricing, and the launch of new products.

The nine-month earnings were also bolstered by the commercial operation of the Durum Mill.

The company also cited continued growth in small-pack products yielding better margins, ongoing efficiency improvement through maintaining cost leadership, and optimized cash management by improving interest income from the Shariah-compliant Murabaha deposits.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	248.14	261.21	5.3 %
Gross Income	100.40	111.54	11.1 %
Operating Income	70.73	77.84	10.1 %
Net Income	54.04	61.28	13.4 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.97	1.10	13.4 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	242.35	261.21	7.8 %
Gross Income	100.38	111.54	11.1 %
Operating Income	63.84	77.84	21.9 %
Net Income	45.51	61.28	34.7 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.82	1.10	34.7 %

Q3 2024 net earnings grew 13.4% to SAR 61.28 million, compared to SAR 54.04 million in Q3 2023 as revenue grew by 5.3% YoY. This was primarily attributed due to sales growth across all product categories, continued strong growth in small-pack product volumes, which increased by 48% on the expansion of the company's distribution network and increased geographic coverage.

Meanwhile, operating expenses remained the same as in Q3 2023. The company’s gross profit jumped 11.1% YoY.

On a quarterly basis, net profit jumped 34.7% from SAR 45.5 million, thanks to a 7.8% sequential rise in topline.

Total shareholders’ equity, no minority interest, stood at SAR 876.73 million by Sept. 30, 2024, compared to SAR 840.92 million in a prior-year period.

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