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Market: Tadawul Symbol: 2283 ISIN: SA15QGU13LH9 Industry: Food & Beverages

First Milling Company is a market-leading Saudi milling company engaged in the production of high-quality flour, feed, bran, and diverse flour derivatives. The Company operates four large-capacity mills strategically located in Jeddah, Qassim, Tabuk, and Al-Ahsa thereby covering all major regions of the Kingdom. Its Jeddah plant is the largest and is located in close proximity to the Jeddah Islamic Port along the main Red Sea international shipping corridor connecting the world’s Eastern and Western hemispheres. Its B2B customers include large industrial players, commercial bakeries, restaurants, and catering businesses, and its other customers include including wholesalers, modern and traditional trade customers, farms and feed distributors, and retail customers. As such, First Milling Company plays a fundamental role in maintaining the fabric of food security throughout the Kingdom.

The Company’s vision is to be the first partner of choice for the food and feed sectors across the Kingdom and the credible source of vital products to the market and communities. It will aim to realize this vision by adhering to four strategic pillars including enhancing its market leadership position, expanding production and storage capacities while better integrating its value chain, synergistically entering new product categories while maintaining its world-class customer service, and being a winning organization.

Key Figures (SAR '000) 2022 2023 9M 2024
Income Statement      
Revenue
913,650 964,261 780,009
Gross profit 397,926 413,144 337,476
Operating profit 255,608 286,962 236,063
Profit before zakat 223,705 226,205 189,366
Profit for the year 217,481 220,208 184,507
Earnings per share (SAR) 24.33 3.97 3.32
Balance Sheet      
Total assets 2,426,350 2,470,718 2,505,020
Non-current assets 2,011,241 2,113,181 2,112,657
Current assets 415,109 357,538 392,364
Total equity 750,961 892,137 876,734
Non-current liabilities 1,337,950 1,289,224 1,270,052
Current liabilities 337,439 289,357 358,234
Total liabilities 1,675,389 1,578,582 1,628,287
Cash Flow      
Net cash generated from operating activities 232,478 317,893 196,127
Net cash flows used in investing activities -37,098 -119,400 -44,822
Net cash (used in)/generated from financing activities -219,080 -221,713 -138,144
Cash and cash equivalents, end of the period 215,326 192,106 205,268