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First Mills’ profit rises 5% YoY in Q1-24

First Mills’ profit rises 5% YoY in Q1-24
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Riyadh – Mubasher: The net profit of First Milling Company (First Mills) grew 5.37% year-on-year (YoY) to SAR 77.72 million during the first quarter (Q1) of 2024 from SAR 73.75 million in the comparative period of 2023.

Revenues rose 8.17% YoY to SAR 276.44 million in Q1-24 from SAR 255.54 million in Q1-23, according to the annual financial results.

Earnings per share (EPS) amounted to SAR 1.40 in the first three months (3M) of 2024, up from SAR 1.33 in the same period the year before.

Quarter-on-quarter (QoQ), the company’s net profit surged by 35.15% in Q1-24 from SAR 57.50 million in the previous quarter, while revenues increased by 12.09% QoQ from SAR 246.61 million.

The net profit of First Mills increased by 1.24% YoY to SAR 220.20 million in 2023 from SAR 217.50 million.