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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 2024
Income Statement      
Revenue
913,650 964,261 1,048,855
Gross profit 397,926 413,144 457,088
Operating profit 255,608 286,962 318,477
Profit before zakat 223,705 226,205 257,046
Profit for the year 217,481 220,208 250,902
Earnings per share (SAR) 24.33 3.97 4.53
Balance Sheet      
Total assets 2,426,350 2,470,718 2,495,527
Non-current assets 2,011,241 2,091,014 2,091,767
Current assets 415,109 379,704 403,760
Total equity 750,961 892,137 945,049
Non-current liabilities 1,337,950 1,289,224 1,189,806
Current liabilities 337,439 289,357 360,672
Total liabilities 1,675,389 1,578,582 1,550,478
Cash Flow      
Net cash generated from operating activities 232,478 317,893 305,935
Net cash flows used in investing activities (37,098) (119,400) (56,114)
Net cash (used in)/generated from financing activities (219,080) (221,713) (249,387)
Cash and cash equivalents, end of the period 215,326 192,106 192,540