First Mills 2024 profit up 14% to SAR 250.9M; Q4 at SAR 66.4M

First Milling Co. (First Mills) reported a 2024 net profit of SAR 250.9 million, rising 14% from SAR 220.2 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	964.26	1,048.86	8.8 %
Gross Income	413.14	457.09	10.6 %
Operating Income	289.18	319.33	10.4 %
Net Income	220.21	250.90	13.9 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items	4.01	4.52	12.7 %
EPS (Riyals)	3.97	4.52	13.9 %

Revenue increased by 8.8% year-on-year (YoY), reaching SAR 1.04 billion in 2024, mainly driven by a 16.7% rise in feed sales, improved product mix, and better pricing management.

Gross profit also increased by 10.4% YoY to SAR 456.1 million on higher revenue while maintaining cost control, upgrade of new mills, and improved product mix.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	246.62	268.85	9.0 %
Gross Income	104.60	119.61	14.3 %
Operating Income	76.15	83.41	9.5 %
Net Income	57.51	66.39	15.5 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items	1.08	1.20	10.7 %
EPS (Riyals)	1.04	1.20	15.5 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	261.21	268.85	2.9 %
Gross Income	111.54	119.61	7.2 %
Operating Income	77.84	83.41	7.2 %
Net Income	61.28	66.39	8.3 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items	1.10	1.20	8.3 %
EPS (Riyals)	1.10	1.20	8.3 %

The fourth-quarter net earnings increased 16% to SAR 66.4 million from SAR 57.51 million in Q4 2023, fueled primarily by higher revenues and gross profit.

On a quarterly basis, the company’s net profit grew 8.4% from SAR 61.28 million in Q3 2024.

Shareholders’ equity, no minority interest, increased to SAR 945 million as of Dec. 31, 2024, compared to SAR 892.1 million in the year-earlier period.

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Share Price

First Milling Co. (FIRST MILLS)

	Current
Market Cap (M Riyal)	3,280.05
Enterprise Value (EV) (M)	4,098.15
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	4.52
Book Value (BV) ( Riyal)	17.03
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	13.07
P/E (TTM)	13.07
Price/book	3.47
Return on Average Assets (%) (TTM)	10.1
Return on Average Equity (%) (TTM)	27.3

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	581.24	-	171.61	-	115.64	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	643.89	10.8 %	202.62	18.1 %	134.55	16.4 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	716.06	11.2 %	258.42	27.5 %	199.31	48.1 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	194.40	-	68.50	-	41.99	-
Q4 2021	235.48	-	104.49	-	68.47	-
2021	801.01	11.9 %	331.47	28.3 %	219.77	10.3 %
Q1 2022	242.37	-	111.36	-	77.53	-
Q2 2022	206.85	-	94.88	-	66.16	-
Q3 2022	237.84	22.3 %	103.76	51.5 %	74.77	78.0 %
Q4 2022	226.60	(3.8 %)	87.92	(15.9 %)	41.43	(39.5 %)
2022	913.65	14.1 %	397.93	20.0 %	259.89	18.3 %
Q1 2023	255.55	5.4 %	120.14	7.9 %	90.97	17.3 %
Q2 2023	213.96	3.4 %	87.99	(7.3 %)	51.33	(22.4 %)
Q3 2023	248.14	4.3 %	100.40	(3.2 %)	70.73	(5.4 %)
Q4 2023	246.62	8.8 %	104.60	19.0 %	76.15	83.8 %
2023	964.26	5.5 %	413.14	3.8 %	289.18	11.3 %
Q1 2024	276.45	8.2 %	125.55	4.5 %	94.39	3.8 %
Q2 2024	242.35	13.3 %	100.38	14.1 %	63.84	24.4 %
Q3 2024	261.21	5.3 %	111.54	11.1 %	77.84	10.1 %
Q4 2024	268.85	9.0 %	119.61	14.3 %	83.41	9.5 %
2024	1,048.86	8.8 %	457.09	10.6 %	319.33	10.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	581.24	-	171.61	-	115.64	-
2019	643.89	10.8 %	202.62	18.1 %	134.55	16.4 %
2020	716.06	11.2 %	258.42	27.5 %	199.31	48.1 %
2021	801.01	11.9 %	331.47	28.3 %	219.77	10.3 %
2022	913.65	14.1 %	397.93	20.0 %	259.89	18.3 %
2023	964.26	5.5 %	413.14	3.8 %	289.18	11.3 %
2024	1,048.86	8.8 %	457.09	10.6 %	319.33	10.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	103.54	-	1.92	-	103.54	1.92
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	125.78	21.5 %	2.33	-	125.78	2.33
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	190.69	51.6 %	3.54	-	190.69	3.54
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	37.58	-	0.70	-	37.58	0.70
Q4 2021	57.75	-	1.07	(6.47)	64.21	1.19
2021	198.48	4.1 %	3.68	(6.47)	204.94	3.80
Q1 2022	72.45	-	1.33	-	72.45	1.33
Q2 2022	61.25	-	1.13	-	61.25	1.13
Q3 2022	63.49	68.9 %	1.17	-	63.49	1.17
Q4 2022	20.29	(64.9 %)	0.37	(4.28)	24.56	0.45
2022	217.48	9.6 %	4.00	(4.28)	221.76	4.08
Q1 2023	73.76	1.8 %	1.33	-	73.76	1.33
Q2 2023	34.91	(43.0 %)	0.63	-	34.91	0.63
Q3 2023	54.04	(14.9 %)	0.97	-	54.04	0.97
Q4 2023	57.51	183.5 %	1.04	(2.47)	59.98	1.08
2023	220.21	1.3 %	3.97	(2.47)	222.68	4.01
Q1 2024	77.72	5.4 %	1.40	-	77.72	1.40
Q2 2024	45.51	30.4 %	0.82	-	45.51	0.82
Q3 2024	61.28	13.4 %	1.10	-	61.28	1.10
Q4 2024	66.39	15.5 %	1.20	-	66.39	1.20
2024	250.90	13.9 %	4.52	-	250.90	4.52

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	103.54	-	1.92	-	103.54	1.92
2019	125.78	21.5 %	2.33	-	125.78	2.33
2020	190.69	51.6 %	3.54	-	190.69	3.54
2021	198.48	4.1 %	3.68	(6.47)	204.94	3.80
2022	217.48	9.6 %	4.00	(4.28)	221.76	4.08
2023	220.21	1.3 %	3.97	(2.47)	222.68	4.01
2024	250.90	13.9 %	4.52	-	250.90	4.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	29.52 %	25.33 %	17.81 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	31.47 %	26.37 %	19.53 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	36.09 %	33.22 %	26.63 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	41.38 %	32.88 %	25.59 %
Q1 2022	-	-	-
Q2 2022	43.14 %	32.75 %	26.79 %
Q3 2022	44.93 %	36.01 %	28.34 %
Q4 2022	43.55 %	34.09 %	24.27 %
2022	43.55 %	34.09 %	24.27 %
Q1 2023	43.88 %	35.12 %	24.07 %
Q2 2023	42.81 %	33.32 %	21.06 %
Q3 2023	41.99 %	32.60 %	19.83 %
Q4 2023	42.85 %	34.99 %	23.09 %
2023	42.85 %	34.99 %	23.09 %
Q1 2024	42.49 %	34.80 %	23.01 %
Q2 2024	42.52 %	35.25 %	23.41 %
Q3 2024	43.06 %	35.66 %	23.81 %
Q4 2024	43.58 %	35.78 %	23.92 %
2024	43.58 %	35.76 %	23.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	29.52 %	25.33 %	17.81 %
2019	31.47 %	26.37 %	19.53 %
2020	36.09 %	33.22 %	26.63 %
2021	41.38 %	32.88 %	25.59 %
2022	43.55 %	34.09 %	24.27 %
2023	42.85 %	34.99 %	23.09 %
2024	43.58 %	35.76 %	23.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	35.23 %	-	19.33 %
Q4 2021	44.37 %	33.87 %	27.27 %
Q1 2022	45.95 %	36.55 %	29.89 %
Q2 2022	45.87 %	37.47 %	29.61 %
Q3 2022	43.63 %	36.31 %	26.69 %
Q4 2022	38.80 %	26.03 %	10.84 %
Q1 2023	47.01 %	40.16 %	28.86 %
Q2 2023	41.13 %	29.56 %	16.32 %
Q3 2023	40.46 %	33.44 %	21.78 %
Q4 2023	42.41 %	35.91 %	24.32 %
Q1 2024	45.42 %	39.08 %	28.11 %
Q2 2024	41.42 %	32.05 %	18.78 %
Q3 2024	42.70 %	35.16 %	23.46 %
Q4 2024	44.49 %	36.33 %	24.70 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	53.92	-	-	13.04
Q4 2021	53.92	-	-	12.34
Q1 2022	54.32	-	-	12.90
Q2 2022	54.32	4.22	4.34	13.25
Q3 2022	54.32	4.69	4.81	15.36
Q4 2022	54.32	4.00	4.08	13.53
Q1 2023	55.50	3.94	4.02	14.79
Q2 2023	55.50	3.47	3.54	15.56
Q3 2023	55.50	3.30	3.37	15.15
Q4 2023	55.50	3.97	4.01	16.07
Q1 2024	55.50	4.04	4.08	16.01
Q2 2024	55.50	4.23	4.27	16.49
Q3 2024	55.50	4.36	4.41	15.80
Q4 2024	55.50	4.52	4.52	17.03

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	53.92	1.92	1.92	14.18
2019	53.92	2.33	2.33	16.52
2020	53.92	3.54	3.54	20.05
2021	53.92	3.68	3.80	12.34
2022	54.32	4.00	4.08	13.53
2023	55.50	3.97	4.01	16.07
2024	55.50	4.52	4.52	17.03

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	20.33	19.89	4.53
Q3 2023	22.11	21.61	4.81
Q4 2023	18.93	18.72	4.67
Q1 2024	19.19	18.98	4.84
Q2 2024	17.49	17.31	4.49
Q3 2024	16.24	16.07	4.48
Q4 2024	13.38	13.38	3.55

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	18.93	18.72	4.67
2024	13.38	13.38	3.55

Business Segments (Million)

Compared With The

Period	Flour	Feed	Bran	free sales
Q1 2022	142.56	69.75	30.05	-
Q2 2022	113.61	59.28	33.96	-
Q3 2022	125.29	68.91	43.64	-
Q1 2023	150.39	61.58	43.58	-
Q2 2023	123.81	49.30	40.84	-
Q3 2023	137.84	79.90	30.40	-
Q4 2023	140.86	80.27	25.49	-
Q1 2024	162.04	78.13	36.27	-
Q2 2024	132.07	67.20	43.07	-
Q3 2024	150.48	80.09	30.64	-
Q4 2024	154.52	86.48	27.85	-

Period	Flour	Feed	Bran	free sales
2018	410.72	93.73	76.79	-
2019	438.16	126.10	79.63	-
2020	469.88	178.01	68.41	(0.24)
2021	494.86	222.50	83.65	-
2022	507.43	273.67	132.55	-
2023	552.90	271.05	140.31	-
2024	599.12	311.90	137.83	-

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change‬	Q4 2024 (before unusual items)	Change‬
Average	61.80	66.39	7.43 %	66.39	7.43 %

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change	Q4 2024 (before unusual items)	Change‬
SNB Capital	63.40	66.39	4.7 %	66.39	4.7 %
GIB Capital	62.00	66.39	7.1 %	66.39	7.1 %
Al Rajhi Capital	60.00	66.39	10.7 %	66.39	10.7 %

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First Mills 2024 profit up 14% to SAR 250.9M; Q4 at SAR 66.4M

Financials (M)

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First Mills 2024 profit up 14% to SAR 250.9M; Q4 at SAR 66.4M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

First Milling Co. (FIRST MILLS)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

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