First Milling Company (First Mills) logged net profits after Zakat and tax amounting to SAR 73.75 million in the first quarter (Q1) of 2023, up 1.80% from SAR 72.45 million in Q1-22.

Revenues climbed by 5.44% to SAR 255.54 million as of 31 March 2023 from SAR 242.36 million a year earlier, according to the interim financial results.

The earnings per share (EPS) hit SAR 1.33 during the first three months (3M) of 2023, versus SAR 144.90 in 3M-22.

On a quarterly basis, the Q1-23 net profits hiked by 263.61% from SAR 20.28 million in Q4-22, while the revenues increased by 12.78% from SAR 226.59 million.

Last June, First Mills started the listing and trading of its shares on the Saudi Exchange (Tadawul) after setting the final price for its initial public offering (IPO) at SAR 60 per share.