Financial Results : First Mills posts 2% profit growth to SAR 73.8 mln in Q1 2023

First Mills posts 2% profit growth to SAR 73.8 mln in Q1 2023

02/07/2023 Argaam Exclusive

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First Milling Co. (First Mills) posted a net profit of SAR 73.8 million for the first quarter of 2023, a rise of 2% compared to SAR 72.5 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 242.37 255.55 5.4 %
Gross Income 111.36 120.14 7.9 %
Operating Income 77.53 90.97 17.3 %
Net Income 72.45 73.76 1.8 %
Average Shares 54.32 55.50 2.2 %
EPS (Riyals) 1.33 1.33 (0.4 %)

The increased profit was driven by a rise in gross profit margin to 47% compared to 46% a year earlier, as well as a higher operating margin to 36% compared to 32% in Q1 2022.

 

The newly listed company also posted financing revenues of SAR 7 million in the three-month period.

 

However, it recorded SAR 18.8 million in financing costs related to long-term loans, as well as offsetting a loan worth SAR 604,000 in Q1 2023.

 

Compared with the previous quarter, the first-quarter net profit more than doubled from SAR 20.29 million.

 

Total shareholders' equity, no minority interest, reached SAR 820.60 million at the end of the three-month period, compared to SAR 695.71 million a year before.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
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 194.40 - 68.50 - 41.99 -
Q4 2021 235.48 - 104.49 - 68.47 -
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 %)
Q1 2023 255.55 5.4 % 120.14 7.9 % 90.97 17.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
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 37.58 - 0.70 - 37.58 0.70
Q4 2021 57.75 - 1.07 (6.47) 64.21 1.19
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
Q1 2023 73.76 1.8 % 1.33 - 73.76 1.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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 43.14 % 32.75 % 26.79 %
Q3 2022 44.93 % 36.01 % 28.34 %
Q4 2022 43.55 % 34.09 % 24.27 %
Q1 2023 43.88 % 35.12 % 24.07 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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 - - -

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 -


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
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Share Price

First Milling Co.
59.80
(0.40) (0.66 %)

First Milling Co. (FIRST MILLS)

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