First Mills profit up 11% at SAR 277.4M in 2025; Q4 at SAR 74.7M
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First Milling Co. (First Mills) reported a net profit of SAR 277.4 million in 2025, an increase of 11% from SAR 250.9 million in the year-earlier period.
Financials (M)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 1,048.86 | 1,146.37 | 9.3 % |
| Gross Income | 457.09 | 482.20 | 5.5 % |
| Operating Income | 319.33 | 339.72 | 6.4 % |
| Net Income | 250.90 | 277.44 | 10.6 % |
| Average Shares | 55.50 | 55.50 | - |
| Earnings Per Share before unusual items (Riyals) | 4.52 | 5.00 | 10.6 % |
| EPS (Riyal) | 4.52 | 5.00 | 10.6 % |
The annual increase in profits was mainly driven by revenue growth of 9.3%. This growth was primarily supported by the expansion of the feed segment, whose revenues rose by 12.8% year-on-year (YoY) to SAR 351.7 million in 2025.
As a result, its contribution to total revenue increased to 30.7%, compared to 29.7% previously.
In Q4 2025, net earnings grew 12.5% to SAR 74.67 million, from SAR 66.39 million in Q4 2024.
On a sequential basis, net earnings rose 4.2% from SAR 71.66 million in Q3 2025.
Current Quarter Comparison (M)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 268.85 | 338.74 | 26.0 % |
| Gross Income | 119.61 | 132.18 | 10.5 % |
| Operating Income | 83.41 | 93.11 | 11.6 % |
| Net Income | 66.39 | 74.72 | 12.5 % |
| Average Shares | 55.50 | 55.50 | - |
| Earnings Per Share before unusual items (Riyal) | 1.20 | 1.35 | 12.5 % |
| EPS (Riyal) | 1.20 | 1.35 | 12.5 % |
Total shareholders’ equity, no minority interest, reached SAR 1.06 billion by the end of 2025, compared to SAR 945.1 million in the year-earlier period.
Attached Documents:
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % | 93.11 | 11.6 % |
| 2025 | 1,146.37 | 9.3 % | 482.20 | 5.5 % | 339.72 | 6.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| 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 |
| 2025 | 277.44 | 10.6 % | 5.00 | - | 277.44 | 5.00 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 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 % | 35.08 % | 24.20 % |
| 2025 | 42.06 % | 35.08 % | 24.20 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2025
| Period | Flour | Feed | Bran | free sales |
|---|---|---|---|---|
| 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 | - |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 74.10 | 74.72 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| SNB Capital | 78.20 | 74.72 | |
| GIB Capital | 70.00 | 74.72 |
| Current | |
| Market Cap (M Riyal) | 2,999.78 |
| Enterprise Value (EV) (M Riyal) | 3,850.84 |
| Shares Outstanding ((M)) | 55.50 |
| EPS ( Riyal) (TTM) | 5.00 |
| Book Value (BV) ( Riyal) | 19.24 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 10.81 |
| P/E (TTM) | 10.81 |
| Price/book | 2.81 |
| Return on Average Assets (%) (TTM) | 10.9 |
| Return on Average Equity (%) (TTM) | 27.6 |
| EV/adj EBITDA | 9.58 |
| EV/Revenues | 3.36 |
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