First Mills H1 2023 profit falls 19% to SAR 108.7 mln; Q2 at SAR 34.9 mln

31/07/2023 Argaam Exclusive

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First Milling Co. (First Mills) reported a 19% decline in net profit to SAR 108.7 million for the first half of 2023 from SAR 133.7 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	449.21	469.50	4.5 %
Gross Income	206.25	208.14	0.9 %
Operating Income	143.69	142.30	(1.0 %)
Net Income	133.71	108.67	(18.7 %)
Average Shares	54.32	55.50	2.2 %
EPS (Riyals)	2.46	1.96	(20.5 %)

The lower profit was attributed to higher interest expenses, which were recorded in the company’s books from Sept. 15, 2022, after the merger completion with the parent company, Al Raha Al Safi.

Financing costs (FC) increased by SAR 25 million for H1 2023, as the company has added long-term financing to its financial statements following the merger since Sept. 15, 2022.

The milling company incurred one-off costs of SAR 2.4 million on the listing of its shares on Tadawul. Higher insurance and transport costs also weighed on the first-half results. First Mills allocated a provision for spare parts in line with the accounting standards and the new policy it adopted since Q4 2022.

In Q2 2023, First Mills’ net profit dipped 43% to SAR 34.9 million from SAR 61.2 million in Q2 2022, as FC rose by SAR 13 million year-on-year. The company recorded higher transport and insurance costs, in addition to spare parts provision.

The net earnings fell by 52.7% from SAR 73.7 million in Q1 2023. Sales fell by SAR 42 million as Mill C was halted for capacity upgrade. The company’s earnings were also impacted by increased FC and SAR 2.4 million one-off listing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	206.85	213.96	3.4 %
Gross Income	94.88	87.99	(7.3 %)
Operating Income	66.16	51.33	(22.4 %)
Net Income	61.25	34.91	(43.0 %)
Average Shares	54.32	55.50	2.2 %
EPS (Riyals)	1.13	0.63	(44.2 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	255.55	213.96	(16.3 %)
Gross Income	120.14	87.99	(26.8 %)
Operating Income	90.97	51.33	(43.6 %)
Net Income	73.76	34.91	(52.7 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	1.33	0.63	(52.7 %)

Total shareholders’ equity, no minority interest, increased to SAR 863.34 million as of June 30, 2023, from SAR 714.42 million in the earlier-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

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	-

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	-

Financial Ratios

	Current
Market Cap (M Riyal)	3,379.95
Enterprise Value (EV) (M)	4,296.14
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	4.36
Book Value (BV) ( Riyal)	15.80
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	13.82
P/E (TTM)	13.97
Price/book	3.86
Return on Average Assets (%) (TTM)	9.9
Return on Average Equity (%) (TTM)	28.2

First Milling Co. (FIRST MILLS)

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First Mills H1 2023 profit falls 19% to SAR 108.7 mln; Q2 at SAR 34.9 mln

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

First Milling Co. (FIRST MILLS)

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First Mills H1 2023 profit falls 19% to SAR 108.7 mln; Q2 at SAR 34.9 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

First Milling Co. (FIRST MILLS)

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Business Segments (Million)