Saudi: First Milling records $125mln H1 revenue

Saudi: First Milling records $125mln H1 revenue

Saudi Arabiab - First Milling Company, a market-leading Saudi milling company, said it achieved a 4.5% year-on-year (YoY) growth in sales in H1 2023, generating a total revenue of SAR470 million ($125.28 million).

This topline growth is attributed to the successful execution of the company’s growth strategy through its business to business and retail channels.

In Q2 2023, revenue rose 3.4% YoY, reaching SAR214 million, supported by the company’s efforts to optimise efficiencies and enhance capacities. As a result, capacity utilisation for Q2 2023 reached 99%, increasing 7% compared to the same period last year, it said.

The company closed H1 2023 with EBITDA of SAR166 million, flat over the same period last year reflecting healthy financial performance. In Q2 2023, EBITDA declined 18% YoY to SAR63 million as a result of changes in seasonal sales during the Ramadan between Q2 2022 and Q2 2023. Moreover, there was an increase in selling and distribution costs attributed to supporting the Jeddah plant with flour products during temporary shutdown of the plant’s Mill C for capacity upgrades, it said.

H1 2023 net profit declined 19% to SAR108.7 million compared to the same period last year, mainly attributable to interest costs which began appearing in First Mills’