FIRST MILLS Profits Grow to SAR 251 Million at End of 2024, Up 14%

First Milling Company’s net profit surged to SAR 251 million for the year ended 2024, up 14% from SAR 220 million in 2023, the company announced today following the release of its annual financial results for the period ending on December 31, 2024.

Operational profit reached SAR 318 million during the year ended December 31, 2024, compared to SAR 287 million the previous year, marking an 11% increase.

Total Shareholders Equity (after Deducting Minority Equity), stood at SAR 945 million during the current period, up 6% from SAR 892 million in the previous year.

Profit per share for the past year were SAR 4.53, up from SAR 3.97 in 2023.

The company stated in a statement today on “Tadawul” that revenues rose by 8.8% to SAR 1,048.9 million for the current period, an increase of SAR 84.6 million compared to SAR 964.3 million for the corresponding period of the previous year. This growth was primarily due to the following reasons:

1. A strong 15.1% increase in feed sales driven by higher demand and improved sales management, along with a continuous rise in flour sales which grew by 8.4%, supported by updates in operational capacity utilization and increased sales during the Ramadan season. Conversely, bran sales decreased slightly by 1.8% due to its use in supporting feed production to meet rising demand.

2. Improved product diversification and product pricing management.

3. The total gross profit for the current period increased by 10.6% to SAR 457.1 million, compared to SAR 413.1 million in the corresponding period of the previous year, mainly due to revenue growth coupled with cost control and management, updates and increased capacities in the mills, and improvement in the company’s diverse product mix.

As a result, net profit margin levels increased by SAR 30.7 million compared to the corresponding period of the previous year, achieving a robust level of 23.9% of revenues, while earnings per share reached SAR 4.53 at the end of the current period, compared to SAR 3.97 for the corresponding period of the previous year, representing an increase of 13.9%.