{"id":96266,"date":"2025-04-22T00:00:00","date_gmt":"2025-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/22\/first-mills-secures-sar-630-mn-loan-from-saudi-awwal-bank\/"},"modified":"2025-04-22T00:00:00","modified_gmt":"2025-04-22T00:00:00","slug":"first-mills-secures-sar-630-mn-loan-from-saudi-awwal-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/22\/first-mills-secures-sar-630-mn-loan-from-saudi-awwal-bank\/","title":{"rendered":"First Mills secures SAR 630 mn loan from Saudi Awwal Bank"},"content":{"rendered":"

<\/strong>First Mills taps <\/strong>SAB for a long-term bank facility:<\/strong> Homegrown milling firm First Mills lined up a SAR 630 mn long-term, shariah-compliant loan with the Saudi Awwal Bank to support the firm\u2019s operational activities, development and expansion efforts, according to a statement<\/a> to Tadawul. The facility is backed by promissory notes and will be available until the end of December 2035.<\/p>\n

Where\u2019s the money going? <\/strong>The facility will go towards financing debt repayments, working capital requirements, bank guarantee facilities, and letters of credit (when required), the statement adds.<\/p>\n

Making moves:<\/strong> The General Authority for Industrial Cities and Technology Zones (Modon) signed an agreement with the First Mills to invest SAR 80 mn in a 54k sqm plot last month<\/a>. The company received board approval to set up a SAR 123 mn flour milling unit in its Al Qassim plant back in December<\/a>.<\/p>\n

The bigger picture:<\/strong> First Mills reported a 13.9% y-o-y increase<\/a> net income in 2024 to SAR 250.9 mn, buoyed by higher feed and flour sales, expanding margins for small-packed products, improvements in cost-efficiency, and optimization of liquidity management. Meanwhile, revenues for the year grew 8.8% y-o-y to SAR 1.1 bn, pushed by stronger feed and flour sales, higher gross income (up 10.4% y-o-y), and better product mixes and pricing strategies.<\/p>\n

REMEMBER-<\/strong> First Mills was the first milling company to go public in May 2023<\/a> with a USD 266 mn IPO, as part of the government\u2019s efforts to privatize the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility will be available until the end of December 2035<\/p>\n","protected":false},"author":1,"featured_media":96267,"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":[2590],"tags":[57,10,365,76],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-first-mills","tag-saudi-awwal-bank","wpautop","entry"],"acf":{"mongo_id":"fa636de7-a00b-44dc-ae14-8d7e4e492be3","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/1364.jpg","photo_position":"above","homepage_title":"","full_issue_title":"First Mills secures SAR 630 mn loan from Saudi Awwal Bank","related_issue":[96252],"teaser":"The facility will be available until the end of December 2035","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.0a1eadc7-34aa-46af-bfa5-452b085df6a9.mp3"},"yoast_head":"\nFirst Mills secures SAR 630 mn loan from Saudi Awwal Bank - 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