The board of First Milling Company (First Mills) approved, on 23 December, the construction of a new flour milling unit (Mill C) at its Al Qassim Plant for nearly SAR 123 million.

This strategic expansion will increase the company's production capacity, enabling it to meet growing demand, according to a bourse disclosure.

Mill C will enable the company to scale its business into new geographical regions and attract new customers by delivering high-quality products.

It will add a wheat milling capacity of 600 tonnes on a daily basis, representing a 66% increase, bringing the plant's total daily capacity to 1,500 tonnes.

The project will be financed through Sharia-compliant bank facilities, cash available at the company, and other financing programmes.

The construction of the project is expected to be completed by the second quarter (Q2) of 2026, whereas the financial impact is forecast to begin in Q3-26.

First Mills previously announced plans to purchase two new flour mills and upgrade the capacity of Mil A and Mill B at its largest plant in Jeddah.

The board members approved the revised modernisation plan for Mill B, which was planned to be completed by the end of 2025.

This expansion increased Mill–A’s daily production capacity from 300 tonnes to 550 tonnes, raising the Jeddah Plant’s overall milling production capacity to 3,050 tonnes.

In the first nine months (9M) of 2024, the Tadawul-listed company recorded net profits valued at SAR 184.50 million, an annual leap from SAR 162.70 million in 9M-23.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).