JEDDAH, SAUDI ARABIA — A 9% growth in flour production helped First Milling Company grow revenue by 5.5% year-over-year in fiscal year 2023.

The company also attributed its revenue results of SAR 964.3 million ($257.1 million) to 5.9% growth in bran revenue driven by a diversification of its customer base and increasing its geographic coverage across Saudi Arabia.

In addition, the company for the first time registered sales in its newly launched premix category, which is expected to achieve double-digit growth.

Net profit for 2023 increased 1.25% to SAR 220.2 million.

During 2023, First Mills launched the PESA mill and began producing the country’s first locally produced Chakki Atta flour. The country’s first durum mill was commissioned in the fourth quarter.

These strategic projects enable First Mills to optimize its cost and production dynamics to achieve economies of scale as it expands its geographic reach, covering all major regions of Saudia Arabia, it said.

Reflecting this expansion, the company recorded revenue growth across all its geographic segments in 2023, with Alhasa leading the growth by 12.3% followed by Jeddah plant achieving strong year-over-year growth of 7.2%, Tabuk at 2.6% and Qassim at 2%.

“We delivered a robust financial performance, showcasing our ability to enhance both top- and bottom-line growth, underpinned by our extensive production capabilities, high utilization rates, and cost-efficiency measures,” said Abdullah Ababtain, chief executive officer of First Mills. “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.”