2024-03-11 06:30:07
Riyadh – Mubasher: The annual financial results of the company were revealed First mills Achieving an increase in its net profits during the year 2023 by 1.24%, while it jumped in the last quarter of the year by more than 183.25%.
The company explained, according to a statement issued today, Monday, on “Tadawul” that the net profit following zakat and tax amounted to regarding 220.2 million riyals, compared to 217.5 million riyals in 2022.
The company said that the increase in net profit during the year 2023 came despite recording the interest costs related to the transfer of long-term financing following completing the merger process with the parent company, “Raha Al Safi Foods,” and starting to record it in the records of the First Mills Company on September 15, 2022, and excluding the impact of the costs. At these interest rates, the net profit for the current period on a like-for-like basis will record an increase of approximately 17.6% compared to the same period of the previous year.
Regarding the company’s profits during the last quarter of 2023, net profit increased by 183.4% compared to the same quarter of the previous year, reaching 57.5 million riyals, compared to 20.3 million riyals, an increase of 37.2 million riyals, while net profit increased on a quarterly basis by regarding %, Its net profits in the third quarter of last year amounted to regarding 54 million riyals.
This increase is mainly due to several factors, including the growth of total revenues by 8.8% on an annual basis, supported by the launch of the products of the mixture factory and the Beza Mill (100% chakki atta flour and whole wheat flour), and the recording of non-recurring one-time expenses in the same quarter of the previous year. About 19 million Saudi riyals, represented by the correction of depreciations, the provision for legal cases, and other public offering expenses.
For trading and investing in Gulf stock exchanges Press here
Follow the latest stock and economic news via our Telegram channel
Nominations:
The Saudi economy will decline by 0.8% in 2023… and the growth of non-oil and government activities
“Citizen Account”: Depositing 3.3 billion riyals to the beneficiaries of the March 2024 payment
Oil prices decline, with Aramco’s profits reaching 454.76 billion riyals during the year 2023
1710139895
#annual #profits #Mills #rise #million #riyals…a #jump #fourth #quarter
