1) The strong high double-digit sales growth in Feed by 27% which is driven by the increase in demand, as well as the strong growth in Flour by 8% which was supported by the additional capacity of Mill C in Jeddah and the Ramadan Season.

2) The improving Company's product mixes and the recent launching of the Durum Mill producing Semolina. Bran, however, decreased by 17% vs. last year's same quarter as a result of the Company’s decision to prioritize intake in Feed production to fulfill the growth demand.

3) Gross Profit increased by 4.5%, reaching SAR 125.6 million compared to SAR 120.1 million in the corresponding quarter last year mainly driven by higher revenue growth while maintaining cost leadership.

4) Operating Expenses remained at the same level as last year same quarter. The slight increase in selling and distribution costs was to support the revenue growth.

As a result of the above, the net profit margin increased by SAR 4 million vs last year's same quarter and remained at a strong level of 28% of revenue.

1) The strong sales growth in the Flour and Feed categories.

2) Continuing the growth in small packs products at a high double-digit 27% which leads to an improvement in the Company's product mixes with better margins.

3) The increase in production output and the improvement in new capacity which are mainly driven by the full operation of Mill C in Jeddah.

4) Maintaining cost leadership in line with sales growth.

5) Optimization of cash by improving interest income from the Shariah-compliant Murabaha deposits.

1) The strong sales growth in the Flour category which grew by 15% driven by the continued growth in small pack sales and Ramadan Season. Bran also witnessed a strong growth vs the previous quarter of 42% driven by better demand.

2) Gross Profit increased by 20%, reaching SAR 125.6 million compared to SAR 104.6 million in the previous quarter and mainly driven by higher revenue growth as well as launching the new Durum Mill and better product mixes.

3) Operating Expenses remained at the same level as the previous quarter. The slight increase in selling and distribution costs was to support the revenue growth.

As a result of the above, the net profit margin was 28% compared to 23% for the previous quarter.

1) The increase in revenue by SAR 29.8 million as a result of the increase in the sales of Flour by 15%, the increase in Bran by 42%, along with the improvement in the product mixes, and the launching of new products such as the Durum Mill to produce Semolina.

2) Continuing the growth in small-pack products at better margins.

3) The consistent improvement in efficiency by maintaining cost leadership.

58.6% Flour Sales in Q1, 2024 compared to 58.9% in the same quarter of last year - sustainable profitable growth driven by capacity expansion and double-digit growth in small pack products.

28.3% Feed Sales in Q1, 2024 compared to 24.1% in the same quarter of last year - increased due to the growth in volume driven by better demand.

13.1% Bran Sales in Q1, 2024 compared to 17.1% in the same quarter of last year - decreased due to the Company’s decision to prioritize intake in Feed production to fulfill the growth demand.

First Mills maintained healthy net profit margins of 28% in Q1 2024 compared to the same quarter of last year.

In Q1 2024, the Company registered an installed wheat milling capacity utilization of 91%, increasing by 6% compared to the full year of 2023.

*Basic earnings per share (EPS) was calculated based on the weighted average number of ordinary traded shares which stands at 55,479,341 shares for the three months ended on 31st March 2024 compared to 55,500,000 in March 2023 (FS Q1 2024, note 26.1).