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.
| 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 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 226.60 | 255.55 | 12.8 % |
| Gross Income | 87.92 | 120.14 | 36.7 % |
| Operating Income | 41.43 | 90.97 | 119.5 % |
| Net Income | 20.29 | 73.76 | 263.6 % |
| Average Shares | 54.32 | 55.50 | 2.2 % |
| EPS (Riyals) | 0.37 | 1.33 | 255.9 % |
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.
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2014 | - | - | - | - | - | - | - |
| Q2 2014 | - | - | - | - | - | - | - |
| Q3 2014 | - | - | - | - | - | - | - |
| Q4 2014 | - | - | - | - | - | - | - |
| 2014 | - | - | - | - | - | - | - |
| 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 | - | 103.54 | - | 1.92 |
| Q1 2019 | - | - | - | - | - | - | - |
| Q2 2019 | - | - | - | - | - | - | - |
| Q3 2019 | - | - | - | - | - | - | - |
| Q4 2019 | - | - | - | - | - | - | - |
| 2019 | 643.89 | 10.8 % | 202.62 | 18.1 % | 125.78 | 21.5 % | 2.33 |
| Q1 2020 | - | - | - | - | - | - | - |
| Q2 2020 | - | - | - | - | - | - | - |
| Q3 2020 | - | - | - | - | - | - | - |
| Q4 2020 | - | - | - | - | - | - | - |
| 2020 | 716.06 | 11.2 % | 258.42 | 27.5 % | 190.69 | 51.6 % | 3.54 |
| Q1 2021 | - | - | - | - | - | - | - |
| Q2 2021 | - | - | - | - | - | - | - |
| Q3 2021 | 194.40 | - | 68.50 | - | 37.58 | - | 0.70 |
| Q4 2021 | 235.48 | - | 104.49 | - | 57.75 | - | 1.07 |
| 2021 | 801.01 | 11.9 % | 331.47 | 28.3 % | 198.48 | 4.1 % | 3.68 |
| Q1 2022 | 242.37 | - | 111.36 | - | 72.45 | - | 1.33 |
| Q2 2022 | 206.85 | - | 94.88 | - | 61.25 | - | 1.13 |
| Q3 2022 | 237.84 | 22.3 % | 103.76 | 51.5 % | 63.49 | 68.9 % | 1.17 |
| Q4 2022 | 226.60 | (3.8 %) | 87.92 | (15.9 %) | 20.29 | (64.9 %) | 0.37 |
| 2022 | 913.65 | 14.1 % | 397.93 | 20.0 % | 217.48 | 9.6 % | 4.00 |
| Q1 2023 | 255.55 | 5.4 % | 120.14 | 7.9 % | 73.76 | 1.8 % | 1.33 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2013 | - | - | - | - | - | - | - |
| 2014 | - | - | - | - | - | - | - |
| 2015 | - | - | - | - | - | - | - |
| 2016 | - | - | - | - | - | - | - |
| 2017 | - | - | - | - | - | - | - |
| 2018 | 581.24 | - | 171.61 | - | 103.54 | - | 1.92 |
| 2019 | 643.89 | 10.8 % | 202.62 | 18.1 % | 125.78 | 21.5 % | 2.33 |
| 2020 | 716.06 | 11.2 % | 258.42 | 27.5 % | 190.69 | 51.6 % | 3.54 |
| 2021 | 801.01 | 11.9 % | 331.47 | 28.3 % | 198.48 | 4.1 % | 3.68 |
| 2022 | 913.65 | 14.1 % | 397.93 | 20.0 % | 217.48 | 9.6 % | 4.00 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | - | - | - |
| Q2 2014 | - | - | - |
| Q3 2014 | - | - | - |
| Q4 2014 | - | - | - |
| 2014 | - | - | - |
| 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 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2013 | - | - | - |
| 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 % |
| 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 | 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 % |
| 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 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2013 | - | - | - | - |
| 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 |
| 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 | - | - | - |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2013 | - | - | - |
| 2014 | - | - | - |
| 2015 | - | - | - |
| 2016 | - | - | - |
| 2017 | - | - | - |
| 2018 | - | - | - |
| 2019 | - | - | - |
| 2020 | - | - | - |
| 2021 | - | - | - |
| 2022 | - | - | - |
Q1 2023
2023
| 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 | - |
| 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 | - |
| Current | |
| Market Cap (M Riyal) | 4,057.05 |
| Enterprise Value (EV) (M) | 4,852.70 |
| Shares Outstanding ((M)) | 55.50 |
| EPS ( Riyal) (TTM) | 4.04 |
| Book Value (BV) ( Riyal) | 16.01 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 17.90 |
| P/E (TTM) | 18.10 |
| Price/book | 4.57 |
| Return on Average Assets (%) (TTM) | 9.1 |
| Return on Average Equity (%) (TTM) | 26.2 |
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