Riyadh – Mubasher: The net profit of First Milling Company (First Mills) inched higher by 1.24% year-on-year (YoY) to SAR 220.20 million in 2023 from SAR 217.50 million.

Revenues grew 5.54% YoY to SAR 964.30 million last year from SAR 913.60 million, according to the annual financial results.

The earnings per share (EPS) reached SAR 3.97 in 2023, down from SAR 24.33 in 2022.

Fourth Quarter

The company’s net profit surged 183.25% YoY to SAR 57.50 million during the fourth quarter (Q4) of 2023 from SAR 20.30 million.

Revenue increased by 8.82% YoY to SAR 246.60 million in Q4-2023 from SAR 226.60 million.

Quarter-on-quarter (QoQ), the net profit inched higher 6.48% from SAR 54 million.

Cash Dividends

The board of directors of First Mills approved the distribution of SAR 78.25 million, or SAR 1.41 per share, in cash dividends for the second half (H2) of 2023.

The distribution date is 23 April 2024 and the eligibility date is 4 April.

First Milling posted a 17.49% YoY decline in net profit to SAR 162.70 million in the first nine months (9M) of 2023 from SAR 197.19 million.