Saudi: First Mills records $32.8mln profits in H1-24; dividends unveiled

PHOTO

Riyadh – First Milling Company (First Mills) witnessed a 13.40% year-on-year (YoY) rise in net profit to SAR 123.22 million during the first half (H1) of 2024, compared to SAR 108.66 million.

The revenues stood at SAR 518.79 million in H1-24, an annual surge of 10.49% from SAR 469.50 million, according to the financial results.

Earnings per share (EPS) increased to SAR 2.23 in the first six months (6M) of 2024 from SAR 1.96 in the year-ago period.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits of First Mills reached SAR 45.50 million, up 30.36% YoY from SAR 34.90 million.

The revenues widened by 13.26% to SAR 242.34 million in the three-month period that ended on 30 June 2024 from SAR 213.95 million.

Quarter-on-quarter (QoQ), the net profits recorded in Q2-24 dropped by 41.44% from SAR 77.72 million in Q1-24, while the revenues declined by 12.33% from SAR 276.44 million.

Abdullah Ababtain, CEO of First Mills, said: "In addition to our robust financial performance, we have continued to enhance our production capabilities, particularly with the completion of Mill C and the upgrade starting of Mill A in Jeddah Plant, which will significantly improve our available capacity utilisation and efficiency."

Dividends

The company’s board members agreed to distribute cash dividends amounting to SAR 86.02 million for H1-24.

The listed firm will pay out a dividend of SAR 1.55 per share, representing 15.50% of the share nominal value, for 55.50 million eligible shares.

Eligibility and disbursement dates for the dividends will be 30 July and 13 August 2024, respectively.