Company Overview

First Milling Company is a market-leading Saudi milling company engaged in the production of high-quality flour, feed, bran, and diverse flour derivatives. The Company operates four large-capacity mills strategically located in Jeddah, Qassim, Tabuk, and Al-Ahsa thereby covering all major regions of the Kingdom. Its Jeddah plant is the largest and is located in close proximity to the Jeddah Islamic Port along the main Red Sea international shipping corridor connecting the world’s Eastern and Western hemispheres. Its B2B customers include large industrial players, commercial bakeries, restaurants, and catering businesses, and its other customers include including wholesalers, modern and traditional trade customers, farms and feed distributors, and retail customers. As such, First Milling Company plays a fundamental role in maintaining the fabric of food security throughout the Kingdom.

The Company’s vision is to be the first partner of choice for the food and feed sectors across the Kingdom and the credible source of vital products to the market and communities. It will aim to realize this vision by adhering to four strategic pillars including enhancing its market leadership position, expanding production and storage capacities while better integrating its value chain, synergistically entering new product categories while maintaining its world-class customer service, and being a winning organization.

First Mills in Numbers

Sales (9M 2022G)
SAR 687 Million
Sales 3Y CAGR (2019G - 2021G)
Net Income (9M 2022G)
SAR 197 Million
Net Income Margin (9M 2022G)
Return on Average Equity (9M 2022G)
Silo Storage Capacity (as of 30 Sep 2022G)
220,000 Tons
Daily Milling Capacity (as of 30 Sep 2022G)
4,200 Tons
Daily Feed Capacity (as of 30 Sep 2022G)
900 Tons
Number of Employees (as of 30 Sep 2022G)
Number of Unique Customers
B2B Customers: 88
Wholesale Customers: 350
Modern & traditional trade: 5,000

Initial Public Offering

First Milling Company is pleased to announce its intention to offer 16,650,000 ordinary shares, representing 30% of its share capital, through an Initial Public Offering (IPO) and list its shares on the Main Market of the Saudi Exchange (Tadawul).

For complete information about the Offer, please download the Prospectus from the “Key Documents & Announcements” section of this page.

Message From Leadership

Mr. Tariq Almutlaq


"First Milling Company has played an integral role in upholding the Kingdom’s food security ecosystem by facilitating the availability and sustainability of food and feed products to large industrial players, small businesses, all kinds of bakeries, and individuals alike. Additionally, we have supported the sustainability and safety of feed products and made them available to a wide range of consumers.

The Privatization Program of Vision 2030 aims to enhance the role of the private sector to more effectively advance national interests by enabling the transformation of legacy government entities into more competitive players in the marketplace. I am proud to say that First Milling Company will be the first privatized player in its sector to be listed on the Saudi Exchange, thereby serving as a beacon for other companies across all sectors going through similar transformation journeys.

This initial public offering of First Milling Company represents a unique opportunity for investors to participate in the long-term food security of the Kingdom."

Eng. Abdullah Ababtain


"Today marks a pivotal moment in the history of First Milling Company, which has established itself as a reliable and sustainable source of innovative, high-quality food and feed products to the Saudi market. Listing the Company’s shares on the Saudi Exchange will help cement its high governance standards, enhance its transparency, solidify its long-standing relationship with the communities we serve, and work hard to ensure the First Milling Company brand remains synonymous with ‘Quality First’.

We have a clear roadmap to capture more value in the future as we progressively realize our vision of being the first partner of choice in the production of food and feed for communities and markets across the region."

Investment Highlights

1. Market leadership in Saudi Arabia driven by significant market share, strong brand recognition, and extensive geographical reach.

  • First Milling Company is one of the largest producers of flour-based products and byproducts by volume and sales, with a market volume share of 33.8% in the flour products market in the Kingdom in 2021G.
  • The Company distributes its products to all regions of the Kingdom from its milling plants in four key regions: Makkah Region (Jeddah Governorate), Al-Qassim Region (Buraidah Governorate), Tabuk Region (Tabuk City), and Eastern Region (Al-Ahsa Governorate).
  • The Company’s sales reach extends beyond the locations of its main branches, as it operates sales and distribution warehouses through both Company-owned facilities and authorized distributors in various regions.
  • The Company achieved a sales volume of 1.28 million tons for the year ended 31 December 2021G.
  • Aloula, the Company’s premium flour brand, has a strong presence in well-known hypermarkets, supermarkets, and grocery stores throughout the Kingdom.
  • The Company’s market leadership position is supported by several factors including its ability to forge long-term relationships with suppliers and customers, its flexible business model, its robust cash position, and its comprehensive geographic coverage across the entire Kingdom.

2. Diverse portfolio of high-quality products.

  • First Milling Company manufactures and distributes more than 48 products, spanning flour, feed, bran, and wheat derivatives, and supplies these products to all regions of the Kingdom, with a prominent presence in four key regions of Makkah, Al-Qassim, Tabuk, and the Eastern Region. This diverse portfolio of products provides the Company with greater resilience and flexibility to evolving consumer preferences and market trends.
  • The Company's diversified product portfolio enables it to realize logistical synergies and efficiencies, appeal to a wider customer base, and establish a strong foothold in the market.
  • The Company maintains compliance with the General Food Security Authority ("GFSA"), the International Organization for Standardization ("ISO"), and the Saudi Food and Drug Authority ("SFDA") standards across its operations and has been awarded ISO 45001 and ISO 14001 certificates for all of its production facilities, underscoring the Company's ability to meet rigorous quality and safety standards.

3. Operational excellence built on years of milling experience, bolstered by a strong focus on robust risk management and a fully integrated supply chain.

  • Since its inception, First Milling Company has built solid operational capabilities instrumental to its success. The Company's extensive experience and expertise in producing food commodities allows it to be adaptable in meeting consumer needs, keeping up with trends, and managing risks, while also providing a foundation to potentially expand capacities and introduce new products.
  • The Company invested significantly in logistics and production assets to create an integrated value chain that spans material supply, production, processing, purification, transportation, storage, research, marketing, and distribution.
  • The Company prioritizes quality above all else, through its consistent adherence to rigorous standards and an unwavering commitment to meet and exceed quality benchmarks.
  • This emphasis on quality is further bolstered by streamlined supply chain and logistics planning, cost leadership, and efficient use of all wheat derivatives in feed production, resulting in high asset production efficiency and logistical synergies.
  • Furthermore, the Company implements robust risk management policies, with a focus on governance, and compliance management. The Company currently has subsidy arrangements with GFSA which enables it to reduce risks associated with fluctuations in international wheat prices. The Company adopts a proactive approach to risk management by continuously monitoring potential risks and staying up-to-date with regulatory changes in Saudi Arabia.

4. Differentiated business model delivering outstanding financial performance.

  • First Milling Company has consistently delivered strong financial performance, particularly in terms of sales, with solid margins that have historically outperformed the industry.
  • Sales growing with a 3-year CAGR (from 2019-2021) of c.11.5% to reach SAR 801 million in FY 2021G, driven by price and volume increases and more optimal product mixes. In 9M 2022G, the company achieved sales of SAR 687 million.
    • Flour sales grew at FY 2019-2021G CAGR of 6%, 10x market growth of 0.6% (according to Market Study)
    • Feed sales grew at FY 2019-2021G CAGR of 33%, 4.8x market growth of 6.9% (according to Market Study)
  • The gross profit margins for FY 2021G and 9M 2022G were 41.4% and 45.1%, while the net income margins for the same periods were 24.8% and 28.7%, respectively.
  • The return on average assets for FY 2021G and 9M 2022G were 15.0% and 14.4%, while return on average equity for the same periods were 22.7% and 35.3%, respectively.

5. Clear strategic roadmap with multiple avenues to drive future growth.

  • First Milling Company is pursuing a clearly defined four-pillar strategy and roadmap aimed at capturing sustainable long-term value.
    • Enhancing market leadership by improving its distribution operations, expanding sales channels, establishing strategic partnerships with public and private sector players, and maintaining its leadership in the feed sector while developing its bran products in line with the growth of its flour business.
    • Building an efficient and distinguished operational framework which enhances value chain integration, increased production capacity, and enhances operational and financial efficiencies.
    • Creating outstanding products supported by exceptional service by diversifying into new product categories that are complementary to its core business, such as utilizing the Company's flour in innovations and manufacturing cake mixes.
    • Building the necessary capabilities to achieve the Company’s strategy such as enhancing its technical capabilities, research & development, and supply chains, as well as its safety and quality control capabilities. Furthermore, the Company will continue to invest in attracting, developing, and retaining top talent in its workforce

6. Engaged and seasoned leadership team with strong track record in relevant sectors.

  • First Milling Company is led by an engaged and seasoned board of directors and management team with a wealth of experience in the FMCG and milling industries both domestically and internationally.
  • The Board includes leaders with experience and demonstrated expertise in providing disciplined oversight and guidance across transformation and optimization initiatives as well as corporate governance and nomination and remuneration strategies.
  • The leadership team has a strong track record of leading a diverse workforce comprising experts across technical, commercial, product development and support functions.

IPO Milestones

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