First Mills 9M 2026 net profit rises 14% to SAR 230.8M; Q3 at SAR 84.8M

First Milling Co. (First Mills) reported a net profit increase of 14% to SAR 230.8 million in 9M 2026, from SAR 202.7 million in the year-earlier period.

Financials (Million Riyal)

Item	9m 2025	9m 2026	Change‬
Revenues	807.63	979.90	21.3 %
Gross Income	350.02	438.53	25.3 %
Operating Income	248.98	294.76	18.4 %
Net Income	202.73	230.83	13.9 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	3.65	4.16	13.9 %
EPS (Riyal)	3.65	4.16	13.9 %

Revenue rose 21.3% year-on-year (YoY) supported by higher contributions from acquired feed production operations, increased utilization of the Qassim flour mill, and sustained demand for the company’s key products.

Flour segment revenue grew 12.8% YoY to SAR 526.1 million, while feed segment revenue rose 57.1% to SAR 369.3 million, driven by the integration of Al Manar Feed and Kenan Arabian Trading, expanded production and distribution capacity, and improved operational efficiency.

Operating profit increased 18.4% YoY to SAR 294.8 million, while gross profit margin rose to 44.8% in 9M 2026 from 43.3% in the same period last year.

This came despite a 20.5% YoY decline in bran revenue to SAR 84.6 million, reflecting the company’s strategy to increase the internal use of bran in feed production.

Current Quarter Comparison (Million Riyal)

Compared With The

Item	Q3 2025	Q3 2026	Change‬
Revenues	286.27	345.90	20.8 %
Gross Income	124.06	158.06	27.4 %
Operating Income	88.09	108.71	23.4 %
Net Income	71.66	84.80	18.3 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyal)	1.29	1.53	18.3 %
EPS (Riyal)	1.29	1.53	18.3 %

Item	Q2 2026	Q3 2026	Change‬
Revenues	301.25	345.90	14.8 %
Gross Income	143.23	158.06	10.4 %
Operating Income	86.41	108.71	25.8 %
Net Income	65.95	84.80	28.6 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyal)	1.19	1.53	28.6 %
EPS (Riyal)	1.19	1.53	28.6 %

In Q3 2026, net earnings grew 18.3% to SAR 84.8 million, from SAR 71.6 million in Q3 2025, driven by a 20.8% YoY rise in revenue. Gross profit margin improved to 45.7% in Q3 2026 from 43.3% in Q3 2025, while operating profit margin rose to 31.4% from 30.8%.

On a sequential basis, net earnings climbed 28.6% from SAR 65.9 million in Q2 2026.

Total shareholders’ equity, with no minority interest, reached SAR 1.1 billion by Sept. 30, 2026, compared to SAR 989.8 million in the year-earlier period.

View More Financial Results

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Share Price

	Current
Market Cap (M Riyal)	3,313.35
Enterprise Value (EV) (M Riyal)	4,146.60
Shares Outstanding ((M))	55.50
Recurring EPS ( Riyal) (TTM)	5.51
Book Value (BV) ( Riyal)	19.84
Par Value ( Riyal)	10.00
Recurring P/E (TTM)	10.84
P/E (TTM)	10.84
Price/book	3.01
Dividend Yield (%) (Last Year)	5.28
Return on Average Assets (%) (TTM)	11.8
Return on Average Equity (%) (TTM)	29.2
EV/Revenues	3.14

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %	77.70	9.9 %
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 %
Q1 2025	283.60	2.6 %	123.25	(1.8 %)	94.66	0.3 %
Q2 2025	237.77	(1.9 %)	102.72	2.3 %	64.65	1.3 %
Q3 2025	286.27	9.6 %	124.06	11.2 %	88.09	13.4 %
Q4 2025	338.74	26.0 %	132.18	10.5 %	93.11	11.6 %
2025	1,146.37	9.3 %	482.20	5.5 %	339.72	6.4 %
Q1 2026	332.75	17.3 %	137.24	11.4 %	98.84	4.4 %
Q2 2026	301.25	26.7 %	143.23	39.4 %	86.41	33.7 %
Q3 2026	345.90	20.8 %	158.06	27.4 %	108.71	23.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2025	1,146.37	9.3 %	482.20	5.5 %	339.72	6.4 %

Profit Performance (Million Riyal)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
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
Q1 2025	79.66	2.5 %	1.44	-	79.66	1.44
Q2 2025	51.41	13.0 %	0.93	-	51.41	0.93
Q3 2025	71.66	16.9 %	1.29	-	71.66	1.29
Q4 2025	74.72	12.5 %	1.35	-	74.72	1.35
2025	277.44	10.6 %	5.00	-	277.44	5.00
Q1 2026	80.09	0.5 %	1.44	-	80.09	1.44
Q2 2026	65.95	28.3 %	1.19	-	65.95	1.19
Q3 2026	84.80	18.3 %	1.53	-	84.80	1.53

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
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
2025	277.44	10.6 %	5.00	-	277.44	5.00

Profitability

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
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 %	-	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 %	35.65 %	23.81 %
Q4 2024	43.58 %	35.76 %	23.92 %
2024	43.58 %	35.76 %	23.92 %
Q1 2025	43.07 %	35.67 %	23.94 %
Q2 2025	43.48 %	36.02 %	24.61 %
Q3 2025	43.63 %	36.25 %	25.00 %
Q4 2025	42.06 %	35.15 %	24.20 %
2025	42.06 %	35.08 %	24.20 %
Q1 2026	41.50 %	34.12 %	23.24 %
Q2 2026	42.63 %	34.25 %	23.23 %
Q3 2026	43.28 %	-	23.17 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
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 %
2025	42.06 %	35.08 %	24.20 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
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 %	35.10 %	23.46 %
Q4 2024	44.49 %	36.33 %	24.70 %
Q1 2025	43.46 %	38.67 %	28.09 %
Q2 2025	43.20 %	33.50 %	21.62 %
Q3 2025	43.34 %	36.06 %	25.03 %
Q4 2025	39.02 %	32.60 %	22.06 %
Q1 2026	41.24 %	34.44 %	24.07 %
Q2 2026	47.54 %	34.16 %	21.89 %
Q3 2026	45.69 %	-	24.51 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
Q1 2025	55.50	4.56	4.56	17.15
Q2 2025	55.50	4.66	4.66	18.07
Q3 2025	55.50	4.85	4.85	17.83
Q4 2025	55.50	5.00	5.00	19.24
Q1 2026	55.50	5.01	5.01	18.97
Q2 2026	55.50	5.27	5.27	20.10
Q3 2026	55.50	5.51	5.51	19.84

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
2025	55.50	5.00	5.00	19.24

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
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
Q1 2025	13.76	13.76	3.66
Q2 2025	11.58	11.58	3.00
Q3 2025	10.97	10.97	2.98
Q4 2025	9.80	9.80	2.55
Q1 2026	11.29	11.29	2.98
Q2 2026	10.34	10.34	2.71
Q3 2026	9.02	9.02	2.50

Period	P/E	Recurring P/E	Price/book
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	18.93	18.72	4.67
2024	13.38	13.38	3.55
2025	9.78	9.78	2.55

Business Segments (Million Riyal)

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	-
Q1 2025	170.33	80.63	32.64	-
Q2 2025	139.65	57.01	41.11	-
Q3 2025	156.20	97.39	32.67	-
Q4 2025	185.60	116.69	36.47	-
Q1 2026	176.10	129.30	27.30	-
Q2 2026	170.60	101.92	28.79	-
Q3 2026	179.38	138.06	28.47	-

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	-
2025	651.80	351.70	142.90	-

Analysts Estimates (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change
Average	67.80	84.80

Estimates vs Actual (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change‬
SNB Capital	68.60	84.80
GIB Capital	67.00	84.80

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First Mills 9M 2026 net profit rises 14% to SAR 230.8M; Q3 at SAR 84.8M

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First Mills 9M 2026 net profit rises 14% to SAR 230.8M; Q3 at SAR 84.8M

Financials (Million Riyal)

Current Quarter Comparison (Million Riyal)

View other reports

Share Price

Financial Ratios

Financial results (Million Riyal)

Financial results

Profit Performance (Million Riyal)

Profit Performance

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million Riyal) Q3 2026

Revenue by Business Segment (Latest) 2026 Q3

Analysts Estimates (Million Riyal)

Analysts Estimates

Estimates vs Actual (Million Riyal)

Estimates Accuracy

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Business Segments (Million Riyal)