Riyadh – Mubasher: First Milling Company (First Mills) penned a financing facility agreement worth SAR 150 million with the Saudi Industrial Development Fund (SIDF) on 25 June 2024.

The facility deal will support the company’s working capital and business operations in addition to contributing to its expansion and growth plans, according to a bourse filing.

The financing holds a tenor of 24 months, to be repaid in four equivalent installments. It is secured by promissory notes for the full value of the financing amount.

In the first three months (3M) of 2024, First Mills posted 5.37% year-on-year (YoY) higher net profits at SAR 77.72 million, compared to SAR 73.75 million.

Revenues increased by 8.17% to SAR 276.44 million as of 31 March 2024 from SAR 255.54 million a year earlier, while the earnings per share (EPS) climbed to SAR 1.40 from SAR 1.33.