First Mills posts SAR 80.1M profit in Q1 2026

30/04/2026 Argaam Exclusive

First Milling Co. (First Mills) reported a 1% net profit rise to SAR 80.1 million in Q1 2026, compared with SAR 79.7 million in Q1 2025.



Current Quarter Comparison (M)

Compared With The
Item Q1 2025 Q1 2026 Change‬
Revenues 283.60 332.75 17.3 %
Gross Income 123.25 137.24 11.4 %
Operating Income 94.66 99.64 5.3 %
Net Income 79.66 80.09 0.5 %
Average Shares 55.50 55.50 -
Earnings Per Share before unusual items (Riyal) 1.44 1.44 0.5 %
EPS (Riyal) 1.44 1.44 0.5 %

The company attributed the increase in profit to a 17.3% rise in revenue to SAR 332.8 million, driven by expansion in the feed segment, continued strength in flour sales, and a shift in product mix.

 

Net profit margin improved to 24.1%, although gains were partly offset by higher operating expenses.

 

Compared to Q4 2025, First Mills’ net profit rose 7.2% from SAR 74.72 million.

 

Shareholders’ equity, with no minority interest, rose to SAR 1.05 billion at the end of March 2026, compared with SAR 951.96 million a year earlier.

 

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Share Price

First Milling Co.
53.20
(0.45) (0.84 %)

First Milling Co. (FIRST MILLS)

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Financial Ratios
Current
Market Cap (M Riyal) 2,952.60
Enterprise Value (EV) (M Riyal) 3,803.66
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 5.01
Book Value (BV) ( Riyal) 18.97
Par Value ( Riyal) 10.00
Recurring P/E 10.63
P/E (TTM) 10.63
Price/book 2.80
Return on Average Assets (%) (TTM) 10.8
Return on Average Equity (%) (TTM) 27.7
EV/Revenues 3.18
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2023 213.96 3.4 % 87.99 (7.3 %) 51.33 (22.4 %)
Q3 2023 248.14 4.3 % 100.40 (3.2 %) 70.73 (5.4 %)
Q4 2023 246.62 8.8 % 104.60 19.0 % 76.15 83.8 %
Q1 2024 276.45 8.2 % 125.55 4.5 % 94.39 3.8 %
Q2 2024 242.35 13.3 % 100.38 14.1 % 63.84 24.4 %
Q3 2024 261.21 5.3 % 111.54 11.1 % 77.70 9.9 %
Q4 2024 268.85 9.0 % 119.61 14.3 % 83.41 9.5 %
Q1 2025 283.60 2.6 % 123.25 (1.8 %) 94.66 0.3 %
Q2 2025 237.77 (1.9 %) 102.72 2.3 % 64.65 1.3 %
Q3 2025 286.27 9.6 % 124.06 11.2 % 87.29 12.3 %
Q4 2025 338.74 26.0 % 132.18 10.5 % 90.74 8.8 %
Q1 2026 332.75 17.3 % 137.24 11.4 % 99.64 5.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q2 2023 34.91 (43.0 %) 0.63 - 34.91 0.63
Q3 2023 54.04 (14.9 %) 0.97 - 54.04 0.97
Q4 2023 57.51 183.5 % 1.04 (2.47) 59.98 1.08
Q1 2024 77.72 5.4 % 1.40 - 77.72 1.40
Q2 2024 45.51 30.4 % 0.82 - 45.51 0.82
Q3 2024 61.28 13.4 % 1.10 - 61.28 1.10
Q4 2024 66.39 15.5 % 1.20 - 66.39 1.20
Q1 2025 79.66 2.5 % 1.44 - 79.66 1.44
Q2 2025 51.41 13.0 % 0.93 - 51.41 0.93
Q3 2025 71.66 16.9 % 1.29 - 71.66 1.29
Q4 2025 74.72 12.5 % 1.35 - 74.72 1.35
Q1 2026 80.09 0.5 % 1.44 - 80.09 1.44

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
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 % - 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 %
Q2 2023 42.81 % 33.32 % 21.06 %
Q3 2023 41.99 % 32.60 % 19.83 %
Q4 2023 42.85 % 34.99 % 23.09 %
Q1 2024 42.49 % 34.80 % 23.01 %
Q2 2024 42.52 % 35.25 % 23.41 %
Q3 2024 43.06 % 35.65 % 23.81 %
Q4 2024 43.58 % 35.76 % 23.92 %
Q1 2025 43.07 % 35.67 % 23.94 %
Q2 2025 43.48 % 36.02 % 24.61 %
Q3 2025 43.63 % 36.18 % 25.00 %
Q4 2025 42.06 % 34.87 % 24.20 %
2025 42.06 % 35.08 % 24.20 %
Q1 2026 41.50 % - 23.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q2 2023 55.50 3.47 3.54 15.56
Q3 2023 55.50 3.30 3.37 15.15
Q4 2023 55.50 3.97 4.01 16.07
Q1 2024 55.50 4.04 4.08 16.01
Q2 2024 55.50 4.23 4.27 16.49
Q3 2024 55.50 4.36 4.41 15.80
Q4 2024 55.50 4.52 4.52 17.03
Q1 2025 55.50 4.56 4.56 17.15
Q2 2025 55.50 4.66 4.66 18.07
Q3 2025 55.50 4.85 4.85 17.83
Q4 2025 55.50 5.00 5.00 19.24
Q1 2026 55.50 5.01 5.01 18.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 - - -
Q2 2023 20.33 19.89 4.53
Q3 2023 22.11 21.61 4.81
Q4 2023 18.93 18.72 4.67
Q1 2024 19.19 18.98 4.84
Q2 2024 17.49 17.31 4.49
Q3 2024 16.24 16.07 4.48
Q4 2024 13.38 13.38 3.55
Q1 2025 13.76 13.76 3.66
Q2 2025 11.58 11.58 3.00
Q3 2025 10.97 10.97 2.98
Q4 2025 9.80 9.80 2.55
Q1 2026 11.29 11.29 2.98

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 -
Q2 2023 123.81 49.30 40.84 -
Q3 2023 137.84 79.90 30.40 -
Q4 2023 140.86 80.27 25.49 -
Q1 2024 162.04 78.13 36.27 -
Q2 2024 132.07 67.20 43.07 -
Q3 2024 150.48 80.09 30.64 -
Q4 2024 154.52 86.48 27.85 -
Q1 2025 170.33 80.63 32.64 -
Q2 2025 139.67 56.98 41.09 -
Q3 2025 156.20 97.40 32.70 -
Q4 2025 185.60 116.69 36.47 -
Q1 2026 176.10 129.30 27.30 -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 76.20 80.09

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 79.40 80.09
GIB Capital 73.00 80.09

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