For First Milling Company 2023G has been an incredible year despite all rising geopolitical tensions, economic unpredictability, and global inflation rates. We stayed true to our core strengths which helped us to continue leading the list of Kingdom’s producers of flour products and its derivatives.

With your help and well wishes, First Milling Company's transformation into a publicly listed company on the Saudi Exchange “Tadawul” through its initial public offering “IPO” has marked a significant turning point in our long and continuous journey toward stabilizing national food security and offering a wide range of cutting-edge products to our partners and customers everywhere, every day. Furthermore, our success has been greatly influenced by the pivotal role played by the Saudi Government and all related organizational authorities in such a crucial stage. First Milling Company now occupies a significant position that helps its move to achieving its long-term goals which is to shape a different future for the Saudi Arabian food sector.

As we approach the end of our first year as the first Saudi milling company to be listed on Tadawul, I am overcome with gratitude for the existence of such a robust and supportive investing environment that is loaded with lots of factors that have fueled our listing operation and produced such remarkable success. I would like to take this opportunity to express my gratitude to the wise leadership of the Kingdom for its enlightening guidance and motivating vision, which have driven our development. I also want to express my gratitude to the Capital Market Authority” CMA” for its collaboration, support and unique role as the regulatory authority for the Saudi financial market.

First Milling Company made significant progress in a number of business-related areas in 2023G. In general, the Company’s financial results grew compared to the previous year. Such sustainable results were primarily attributed to the efforts of our committed and qualified team that strenuously and ruthlessly works to achieve our strategic objectives. Above all, I want to sincerely thank each and every one of you for your invaluable contribution and commitment to improving the Company’s overall performance.

First Milling Company kept up its rapid steps in 2023G, taking advantage of promising growth prospects owing to the development of digital technologies and modern production techniques. In fact, the Company’s reliance on these technologies led to fundamental changes in the business landscape and accelerated the production engine without sacrificing the superior quality of the products we offer to our customers. Such efforts were the fruit of a robust operational performance that yielded a growth in the production volume and an increase in revenues, which led to superior sustainable financial performance.

As we look at the challenges that turned into opportunities in 2023G, we can confidently state that First Milling Company made significant steps toward solidifying its dominant position in the local market. This year we further expanded the scope of our operations and introduced new high-quality products, which helped diversify the Company’s sources of income and achieve sustainable growth and investment value for all our shareholders. Moreover, the Company succeeded in achieving its goals for sustainability and social responsibility, on the heels of adopting methodological business principles and implementing projects to improve the optimal use of energy and preserve our environment. In addition, the Company supported Saudi youth through its social responsibility programs which positively improved the Company’s reputation and its relation to the community.

In our capacity as a leading national company in the production of top-quality flour, feed, bran, and wheat derivatives products, we take pride in our leading position in the local market with regard to the number of business sectors and product categories, which reflects the constant loyalty of our customers and their continuous support for us.

In 2024G, we look forward to going on with implementing our strategic plans, diversifying the innovation of our products and developing our integrated solutions to meet the needs of our customers in a way that enhances our productivity potential. We constantly seek to invest in our leading position in economic and social sustainability. In the upcoming year, First Milling Company aims to continue its healthy and sustainable growth, to double its efforts in terms of innovation and to enhance the quality of its products and services. We are further committed to continuously boosting our customers’ satisfaction and achieving the vision of our Company, to be the leading company in its field in the region.

To conclude, I would like to express my gratitude and appreciation to my fellow Board Members and the Executive Management Team for their past, current and future efforts to achieve the Company’s vision and strategy. I truly appreciate the harmony between the Executive Management and the Board to ensure the implementation of the Company’s plans. It would be worth here to note that the Board shall continue to support the Executive Management by all possible means, in accordance with our governance framework, on grounds of the implementation of the resolutions that shall pace up the progress of the Company’s business.

I would also like to take this opportunity to thank all the Company’s employees for their hard work over the years and our honorable shareholders for their support and confidence in First Milling Company. We are quite positive that we shall continue our successes and shall strongly and diligently counter all future challenges.