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FIRST MILLS-
Our friends at First Mills reported a 1.3% y-o-y rise in net income to SAR 220 mn in 2023. Revenues rose 5.6% in the same period to SAR 964 mn, they said in their earnings release (pdf).
In 4Q, the company’s bottom line almost tripled y-o-y to SAR 57.5 mn while its topline rose 8.8% y-o-y to SAR 246.6 mn. Profitability rose on the back of higher utilization rates and strong cost control.
In context: First Mills was the first of the four big state-owned mills to go public — and this is its first full-year earnings release after listing.
What they said: “Guided by a clear roadmap, we are successfully executing our strategy of diversifying our product portfolio into high margin products, expanding our geographical footprint, and reaching a broader customer base. Our downstream operations grew in 2023, exemplified by the launch of our PESA Mill and Mixing Plant and the commissioning of our Durum Mill and Jeddah Mill-C Upgrade, which we expect to further solidify our market leadership in Saudi Arabia,” CEO Abdullah Ababtain said.
Dividend: The company’s BoD has approved a dividend of SAR 78.3 mn at SAR 1.40 per share for 2H 2023, it said in a separate disclosure.
BINDAWOOD-
BinDawood Holding’s net income doubled y-o-y to SAR 275 mn in 2023, and revenues rose 14.4% y-o-y to SAR 5.6 bn on the back of “record breaking sales from BinDawood and Danube stores,” it said in a disclosure to Tadawul.
HALWANI BROS-
Halwani Bros reported a net loss of SAR 98 mn in 2023, and revenues were down 13.2% y-o-y to SAR 889 mn, it said in a disclosure to Tadawul. The food manufacturer attributed its net losses to falling sales in the Kingdom and less income from its Egypt subsidiary due to the devaluation of the EGP despite an increase in sales.
GASCO-
Gasco’s net income rose 6.2% y-o-y to SAR 227 mn in 2023, and revenues were up 18.2% to SAR 2.5 bn in the same period, it said in a disclosure to Tadawul.
