The Clap
Net profits of First Mills Company (First Milling) (2283) jumped by about 183% on an annual basis, reaching 57.5 million riyals during the fourth quarter of 2023.
What
The company’s “high quarterly profits” are attributed to total revenue growth of about 8.8% on an annual basis, reaching 246.6 million riyals.
So What
The revenues of “First Milling,” a leading company in the Saudi milling sector, rose during the last fiscal year.
They reached about 964.3 million riyals, an increase of 5.5% on an annual basis.
The company attributed this to several factors, including an increase in flour product sales, which represent the “largest category” among its product sectors.
This is by 9.0%, compared to the previous year.
In addition to the growth in bran revenues by 5.9%.
This is a result of “First Mills’ success in building and diversifying its customer base and expanding its geographic coverage throughout the Kingdom.
Some Context
First Mills recorded a net profit during 2023 of 220.2 million riyals, compared to 217.5 million riyals in 2022.
It is worth mentioning that it is the “first Saudi milling company” to be listed on the local stock exchange “Tadawul.”
It’s also its “first full fiscal year” as a listed company in the Saudi market.
Now What
The board of directors decided to distribute 78.2 million riyals in cash profits to shareholders for the second half of last year.
This is equivalent to 1.4 riyals per share, with distribution scheduled on April 23.
