First Mills is placed to announce its Condensed Consolidated Interim Financial Result for The Period Ended 31 st March 2023 (Three Months) :

(1)

First Mills is placed to announce its Condensed Consolidated Interim Financial Result for The Period Ended 31 ^st March 2023 (Three Months) :

*All figures are in (Thousand)Saudi Arabia, Riyals

Element List Current Quarter Similar Quarter For

Previous Year %Change

Sales/Revenue

^255,547 ^242,368 ^5%

Gross Profit (Loss)

^120,143 ^111,361 ^8%

Operational Profit (Loss)

^90,967 ^77,526 ^17%

Net Profit (Loss) after Zakat and Tax

73,757 72,452 2%

Total Comprehensive Income

^69,078 ^72,452 ^-5%

Total Share Holders Equity (after Deducting Minority Equity)

596 ,

820 695,713 3%

Profit (Loss) per Share

^1.33 ^144.9

(2)

First Mills recorded in Q1 2023 net profit of SAR 73.8 mln and grew by 2% vs Q1 2022, it is worth noting that Financing cost in Q1 2023 is higher by 19.4mln vs same period 2022 since the Interest charges related to the long-term loan started to be recorded in the company financials from 15^th September 2022 after the merger with the parent company. Like For Like Net Profit Growth is 24% vs the same period last year.

Growth in Net profit is driven by:

 Revenue grew by 5% mainly driven by higher flour sales in Ramadan season and higher sales of Bran.

 Higher Gross profit by 1% vs same period last year (47% 2022 Q1 GP vs 46% Q1 2023) driven by higher volume sales.

 The decrease in General, Selling and marketing costs amounted to 4.6 million SAR.

The net profit increased vs last quarter by SAR 53 mln mainly driven by:

 Higher sales by 12%, amounting to 29 mln SAR driven by higher sales of flour during Ramadan season and higher sales of Bran.

 The cost in Q1 2023 is lower than Q4 in 2022 driven by one offs and non-recurring cost booked in Q4 2022 ~ SAR21mln.

Interest income booked in Q1 2023 driven by short term deposit (in compliance with Sharia law) and hedge benefit ~ 7mln SAR

Revenue by Categories:

 Flour grew by 5.4% vs same period last year driven by Ramadan Season and significant growth in Retail channel.

 Bran with Feed grew by 5% vs last year.

The Condensed Consolidated Financial Statements for the period ended 31 March 2023, will be available through the following link on First Mills website.

Q1 2023 Financial Statements