Riyadh – Mubasher: The net profits after Zakat and tax of First Milling Company (First Mills) decreased by 17.49% year-on-year (YoY) to SAR 162.70 million in the first nine months (9M) of 2023, compared to SAR 197.19 million. 

The company’s revenues grew by 4.45% YoY to SAR 717.64 million during the six-month period that ended on 30 September 2023 from SAR 687.05 million, as per the interim financial results.

Earnings per share (EPS) fell to SAR 2.93 in 9M-23 from SAR 394.39 in 9M-22.

CEO of First Mills, Abdullah Ababtain, said: “Our stable revenues, double-digit margins, and clear growth path tell me that First Mills is on the right track towards long-term value creation for our shareholders and all related stakeholders.”

Ababtain noted: “Our downstream businesses that we continue developing will start boosting in the last quarter of 2023G such as the launch of our PESA Mill and Mixing Plant, with more to come in 2024G from the commissioning of our Durum Mill and Mill-C Upgrade.”

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the Saudi firm posted net profits after Zakat and tax of SAR 54.03 million, marking a 14.89% YoY decline from SAR 63.49 million.

The revenues rose by 4.33% to SAR 248.14 million during the July-September 2023 period from SAR 237.83 million in Q3-22.

On a quarterly basis, the Q3-23 profits soared by 54.80% from the SAR 34.90 million reported in Q2-23, while the revenues increased by 15.98% from SAR 213.95 million.

In the first half (H1) of 2023, First Mills posted revenues of SAR 469.50 million and net profits of SAR 108.66 million, with the EPS reaching SAR 0.63.