Financial Results : First Mills profit grows 2% to SAR 79.7M in Q1 2025

First Mills profit grows 2% to SAR 79.7M in Q1 2025

24/04/2025 Argaam Exclusive

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First Milling Co. (First Mills) reported a net profit rise of 2% to SAR 79.7 million in Q1 2025, compared to SAR 77.7 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 276.45 283.60 2.6 %
Gross Income 125.55 123.25 (1.8 %)
Operating Income 94.39 94.66 0.3 %
Net Income 77.72 79.66 2.5 %
Average Shares 55.50 55.50 -
Earnings Per Share before unusual items (Riyal) 1.40 1.44 2.5 %
EPS (Riyal) 1.40 1.44 2.5 %

The company cited a 2.6% year-on-year (YoY) rise in revenue to SAR 283.6 million in Q1 2025, as flour sales grew by 5.1% YoY driven by increased demand and sales during Ramadan. Feed sales also increased by 3.2% YoY, while bran sales dropped 10% compared to Q1 2024.

 

First Mills operating profits were unchanged from Q1 2024. Similarly, strong net profit margins kept flat at 28% of total revenue. The company also cited a decline in finance costs.

 

On the other hand, gross profit decreased by 1.8% YoY to SAR 123.2 million, due to competitive pricing of bran and feed products.

 

On a sequential basis, First Mills’ net profit jumped 20% from SAR 66.3 million, thanks to a 5.5% increase quarter-on-quarter (QoQ) in topline.

 

Gross profit saw a 3% increase QoQ, with operating profit rising by 14.9%.

 

Shareholders’ equity, no minority interest, increased to SAR 951.96 million as of March 31, 2025, compared to SAR 888.35 million a year earlier.

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