{"id":85538,"date":"2024-04-25T00:00:00","date_gmt":"2024-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/25\/first-mills-net-income-up-5-4-y-o-y-in-1q-2024\/"},"modified":"2024-04-25T00:00:00","modified_gmt":"2024-04-25T00:00:00","slug":"first-mills-net-income-up-5-4-y-o-y-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/25\/first-mills-net-income-up-5-4-y-o-y-in-1q-2024\/","title":{"rendered":"First Mills\u2019 net income up 5.4% y-o-y in 1Q 2024"},"content":{"rendered":"

First Mills\u2019 net income rose 5.4% y-o-y to SAR 77.7 mn in 1Q<\/strong>, <\/strong>it said in a disclosure to<\/a>Tadawul<\/a>. The company reported revenues of SAR 276.4 mn during the quarter, rising 8.2% y-o-y. <\/p>\n

Key drivers:<\/strong> First Mills attributed the rise in net income during the first three months of the year to a growth in production and new capacities on the back of full operation of Mill C in Jeddah. Strong sales from its flour and feed segments and cashflow optimization also fueled the growth in net income.<\/p>\n

A look at how products fared:<\/strong> Flour sales by First Mills accounted for 58.6% of total revenues in 1Q on the back of capacity expansion and two-digit growth in small pack products. The contribution of feed sales to revenues came in higher y-o-y over the same period to 28.3% due to improved demand. However, bran sales\u2019 contribution to revenues was down y-o-y to 13.1% after the firm prioritized intake in feed production to help meet the growing demand.<\/p>\n

Background:<\/strong> First Mills is among one of several state-owned flour milling firms that were sold<\/a>to the private sector<\/a> by the government in recent years under its privatization program for the industry. It was the first of the group to go public in a closely watched USD 266 mn IPO in May of last year. <\/p>\n","protected":false},"excerpt":{"rendered":"

Strong sales from its flour and feed segments and cashflow optimization also fueled the growth in net income<\/p>\n","protected":false},"author":1,"featured_media":85539,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[1820,285,10,1094],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-arabian-mills","tag-earnings-watch","tag-enterpriseam-ksa","tag-modern-mills-company-mmc","wpautop","entry"],"acf":{"mongo_id":"ace5b955-2570-49e3-9b1f-062e2ee86d26","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2286.jpg","photo_position":"above","homepage_title":"","full_issue_title":"First Mills\u2019 net income up 5.4% y-o-y in 1Q 2024 as production grows","related_issue":[85524],"teaser":"Strong sales from its flour and feed segments and cashflow optimization also fueled the growth in net income","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.66b909c1-0be8-41b5-b663-9b64575f748b.mp3"},"yoast_head":"\nFirst Mills\u2019 net income up 5.4% y-o-y in 1Q 2024 - 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