First Mills Q3 revenue rises 21% as net profit climbs 18%
Total revenue for the quarter surged 20.8% year-over-year, supported by strong volume growth in flour sales, higher capacity utilization at the company’s modernized Qassim facility, and expanded distribution capabilities.
SAUDI ARABIA – First Milling Company (First Mills) reported an 18.3% year-on-year increase in net profit attributable to shareholders to SAR 84.8 million (US$22.6 million) for the third quarter of 2026, supported by stronger flour sales, expanding feed operations and improved production capacity utilization.
Revenue for the three months ended September 30, 2026, increased 20.8% to SAR 345.9 million (US$92.24M), compared with SAR 286.3 million (US$76.35M) in the corresponding period last year.
The company’s performance reflects the growing contribution of its acquired feed operations, the ramp-up of its new flour mill at Al-Qassim and resilient demand across its core product portfolio.
Gross profit rose 27.4% to SAR 158.1 million (US$42.16M), while operating profit increased 23.4% to SAR 108.7 million (US$28.99M).
The gross profit margin improved to 45.7% from 43.3% in the third quarter of 2025, while the operating profit margin rose to 31.4% from 30.8%.
Flour remained the company’s largest revenue contributor, generating SAR 179.4 million (US$47.84M) during the quarter, up 14.8% year-on-year.
Stable domestic demand, higher sales volumes, and disciplined pricing strategies supported the growth.
Feed revenue grew strongly, climbing 41.8% to SAR 138.1 million (US$36.83M) as the company continued integrating acquired businesses and expanding its production and distribution capabilities.
In contrast, bran revenue declined 12.9% to SAR 28.5 million (US$7.60M).
The reduction reflects First Mills’ strategy to increase internal bran utilization in its feed manufacturing operations, capture additional value from its milling activities, and improve integration across its production chain.
For the first nine months of 2026, First Mills recorded total revenue of SAR 979.9 million (US$261.31M), up 21.3% from SAR 807.6 million in the same period of 2025.
Net profit rose 13.9% to SAR 230.8 million (US$61.55M), while operating profit increased 18.4% to SAR 294.8 million.
Flour revenue grew 12.8% to SAR 526.1 million (US$78.61M), while feed revenue surged 57.1% to SAR 369.3 million (US$98.48M).
Looking ahead, Chief Executive Officer Abdullah Ababtain said the company would focus on maximizing returns from its expanded production platform, improving operational integration and pursuing further growth opportunities.
Planned investments include completing the 150-tonne-per-day PESA Mill project and adding 120 tonnes per day of feed production capacity at its Jeddah facility, with both projects scheduled for commissioning in the first half of 2027.
The company also intends to expand its product portfolio and export markets while maintaining disciplined capital allocation.
These priorities support Saudi Arabia’s broader food security ambitions under Vision 2030.
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