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Saudi Arabia’s First Milling Company, known as First Mills, said its Q4 2023 net profit surged year-on-year (YoY) to 57.5 million riyals ($15.3 million) versus SAR 20.3 million in the year ago period due to a rise in revenue and a one-off cost booking in the previous period.
Last year First Mills completed an IPO, the first company under the kingdom's flour milling sector privatisation program. It produces flour products and wheat by-products such as animal feed, bran and wheat germ.
CEO Abdullah Ababtain said: "2023 was a year in which First Mills lived up to its pioneering name, becoming the first milling company to list on the Saudi Exchange and subsequently reporting its first complete fiscal year as a listed company. We delivered a robust financial performance, showcasing our ability to enhance both top and bottom-line growth, underpinned by our extensive production capabilities, high utilization rates, and cost-efficiency measures."
During Q4 2023, revenue grew 8.8% YoY, driven mainly through the growth of flour by 11.8% and feed by 6.0%, the company said in a statement on the Tadawul bourse on Monday.
FY 2023 net profit stood at SAR 220.2 million, up 1.3%.
(Writing by Brinda Darasha; editing by Seban Scaria)
