First Mills holds 30% of Saudi flour market: CEO

Abdullah Ababtain, CEO of First Milling Co.’s (First Mills)

Abdullah Ababtain, CEO of First Milling Co. (First Mills), said the company is building an integrated export platform for flour and feed as part of its long-term geographic diversification strategy, with plans to expand exports regionally and globally.

In an interview with CNBC Arabia, he said the company is conducting an extensive assessment of demand in overseas markets.

First Mills will announce its target markets and the expected export contribution when it is ready to proceed, Ababtain added.

The CEO disclosed that the company holds a 30% share of the Saudi flour market, adding that its focus remains on maintaining its leading position.

Ababtain explained that the company continues to balance expansion plans and business needs with shareholders’ interests and its debt position. He added that its cash flow position remains healthy and the company continues to meet all contractual obligations, including those related to raw materials.

Regarding cash dividends, Ababtain emphasized that First Mills seeks to balance shareholder interests with its growth objectives, prioritizing returns on existing investments, stronger cash generation and gradual debt reduction. The board makes dividend decisions based on financial performance and cash flows to support long-term financial sustainability, he stated.

The CEO attributed the company’s growth in the first nine months of 2026 to four factors: expansion in the feed segment, its main growth driver this year; sustained strong demand for flour; higher production volumes, and product quality and operational efficiency. These factors helped boost revenue by 21%.

The feed segment accounts for around 38% of total revenue, while flour demand remains strong across industrial and commercial channels. A diversified product mix also helped lift the gross profit margin to 45.7% in Q3 2026, up 2.4 percentage points year on year, Ababtain noted.

According to Argaam data, First Mills reported a 14% increase in net profit to SAR 230.8 million in the first nine months of 2026, compared to SAR 202.7 million a year ago.