PRESS RELEASE : FIRST MILLS ON 31/10/2023
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 248,140 | 237,837 | 4.33 | 213,957 | 15.98 |
| Gross Profit (Loss) | 100,404 | 103,763 | -3.24 | 87,994 | 14.1 |
| Operational Profit (Loss) | 70,731 | 74,766 | -5.4 | 51,333 | 37.79 |
| Net Profit (Loss) after Zakat and Tax | 54,038 | 63,490 | -14.89 | 34,908 | 54.8 |
| Total Comprehensive Income | 53,617 | 74,026 | -27.57 | 40,830 | 31.32 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Sales/Revenue | 717,644 | 687,051 | 4.45 |
| Gross Profit (Loss) | 308,541 | 310,008 | -0.47 |
| Operational Profit (Loss) | 213,031 | 218,452 | -2.48 |
| Net Profit (Loss) after Zakat and Tax | 162,703 | 197,196 | -17.49 |
| Total Comprehensive Income | 163,525 | 207,732 | -21.28 |
| Total Share Holders Equity (after Deducting Minority Equity) | 840,924 | 828,412 | 1.51 |
| Profit (Loss) per Share | 2.93 | 394.39 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Summary of Financial Performance:
Comparison of Current Quarter with Same Quarter Last Year:
- Net Profit: Decreased to SAR 54.0 million from SAR 63.5 million. However, excluding interest costs, the profit would be in line with last year’s levels.
- Revenue: Increased by 4.3% driven by growth in Flour (10%) and Feed (16%), offset by a decline in Bran (30%) due to prioritizing feed production to meet demand.
- Gross Profit: Decreased by 3.2% to SAR 100.4 million mainly due to competitive feed prices.
- Operating Expenses: Remained at the same level as last year due to increased selling and distribution costs, offset by cost control in general and administrative expenses.
- Net Financing Cost: Increased by SAR 8 million due to long-term financing following the merger with Al Raha Al Safi.
- Net Profit Margin: Decreased to 21.8% from 26.7%.
Comparison of Current Quarter with Previous Quarter:
- Net Profit: Increased by 54.8% to SAR 54.0 million driven by increased revenue (SAR 34.2 million) and improved cost efficiency.
- Revenue: Increased due to sales growth in Flour (11%) and Feed (62%), along with better product mixes and pricing.
Comparison of Current Period with Same Period Last Year:
- Net Profit: Decreased to SAR 162.7 million from SAR 197.2 million. Excluding interest costs, profit would be in line with last year.
- Revenue: Increased by 4.5% driven by growth in Flour (8%) and Bran (7%) due to new customer acquisitions and expanded geographic coverage.
- Net Financing Cost: Increased by SAR 34 million due to added long-term financing following the merger with Al Raha Al Safi.
- Financial Income: Additional AR 3.5 million from Murabaha Shariah Compliant Deposits.
Revenue Contribution by Goods Type:
- Flour Sales: 55.5% in Q3 2023 compared to 52.7% in the same quarter last year.
- Feed Sales: 32.2% in Q3 2023 compared to 29.0% in the same quarter last year.
- Bran Sales: 12.3% in Q3 2023 compared to 18.3% in the same quarter last year.
Capacity Utilization: Reached 97.2% in Q3 2023, increasing by 7% compared to Q3 last year.
