First Mills H1 2024 profit up 13% to SAR 123.2M; Q2 at SAR 45.5M

23/07/2024 Argaam Exclusive

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First Milling Co. (First Mills) reported a net profit of SAR 123.2 million for the six months ended on June 30, 2024, an increase of 13% from SAR 108.7 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	469.50	518.80	10.5 %
Gross Income	208.14	225.93	8.6 %
Operating Income	142.30	158.22	11.2 %
Net Income	108.67	123.23	13.4 %
Average Shares	55.50	55.50	-
EPS (Riyals)	1.96	2.22	13.4 %

This was spurred by an increase of 10.5% or SAR 49.3 million in revenue as a result of higher fodder sales and improved product mix, pricing, and the launch of new products. The company also cited improved efficiency and cash optimization.

Net profit margin levels increased by SAR 14.6 million in H1 2024 compared to the same period of the previous year, achieving a margin of 23.8% of revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	213.96	242.35	13.3 %
Gross Income	87.99	100.38	14.1 %
Operating Income	51.33	63.84	24.4 %
Net Income	34.91	45.51	30.4 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.63	0.82	30.4 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	276.45	242.35	(12.3 %)
Gross Income	125.55	100.38	(20.1 %)
Operating Income	94.39	63.84	(32.4 %)
Net Income	77.72	45.51	(41.4 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	1.40	0.82	(41.4 %)

Q2 2024 net earnings amounted to SAR 45.5 million, rising 30% from SAR 34.9 million in Q2 2023, driven by strong sales growth across all product categories. The company also cited the continuing growth in small pack product volume at a high double-digit 21%, driven by strengthening the company's distribution network and expanding into more geographic coverage, leading to an improvement in the product mix with better margins. It also maintained cost optimization in line with sales growth.

On a sequential basis, net profit declined 41.4% from SAR 77.7 million in Q1 2024.

Total shareholders’ equity, no minority interest, reached SAR 915.44 million by June 30, 2024, compared to SAR 863.34 million in the prior-year period.

Attached Documents:

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Financial results (Million)

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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	964.26	5.5 %	413.14	3.8 %	289.18	11.3 %

Profit Performance (Million)

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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	220.21	1.3 %	3.97	(2.47)	222.68	4.01

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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	42.85 %	34.99 %	23.09 %

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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	55.50	3.97	4.01	16.07

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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	18.93	18.72	4.67

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	-

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	-

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	50.93	45.51	(10.7 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
SNB Capital	44.80	45.51	1.6 %
Al Rajhi Capital	49.00	45.51	(7.1) %
GIB Capital	59.00	45.51	(22.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,374.40
Enterprise Value (EV) (M)	4,290.59
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)	13.80
P/E (TTM)	13.94
Price/book	3.85
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 2024 profit up 13% to SAR 123.2M; Q2 at SAR 45.5M

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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) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

First Milling Co. (FIRST MILLS)

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First Mills H1 2024 profit up 13% to SAR 123.2M; Q2 at SAR 45.5M

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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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

First Milling Co. (FIRST MILLS)

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Business Segments (Million)