First Mills Q3 Profit Rises 13.4% to SAR 61.3 Million

First Mills announced on Tuesday that its net profit rose to SAR 61.3 million during the third quarter of 2024, compared to SAR 54 million in the same quarter last year by 13.4%, following the announcement today of the estimated financial results for the period ending Sep. 30, 2024 (9 months).

Operating profit amounted to SAR 77.8 million in the third quarter, compared to SAR 70.7 million in the same quarter last year, an increase of 10%.

Earnings per share in the current period reached SAR 3.32, compared to SAR 2.93 in the same period last year.

According to the Company, revenues increased by 5.3% to reach SAR 261.2 million during the current quarter, an increase of SAR 13.1 million, compared to SAR 248.1 million for the same quarter last year. This growth is mainly due to the following reasons:

1. Sales growth in all different product sectors driven by growth in quantities and diversification of the sales mix, in addition to the continuous increase in sales volume for the small package flour products category as a result of the success of the Company’s strategy to increase its geographical coverage throughout the Kingdom.

2. Gross profit increased by 11.1% to reach 111.5 million Saudi riyals compared to SAR 100.4 million during the same quarter last year, mainly due to revenue growth with controlling and managing expenses in addition to the competitive increase in feed prices while avoiding the impact of the increase in the cost of raw materials in the same quarter last year.

3. Operating expenses maintained the same levels as the same quarter last year, as the slight increase in expenses supported revenue growth.

As a result, net profit margin levels increased by SAR 7.2 million compared to the same quarter last year, achieving a strong level of 23.5% of revenues, while earnings per share reached SAR 1.10 in the third quarter of 2024, compared to SAR 0.97 in the same quarter last year, representing an increase of 13.4%.