The four Saudi-listed milling companies announced their financial results for 2025, indicating a clear divergence in performance among First Milling Co., Arabian Mills, Modern Mills, and Fourth Milling Co. (MC4) in terms of profitability, dividends, and leverage.
First Milling maintained its lead in both revenue and net profit, demonstrating consistent performance over the past two years.
Meanwhile, MC4 recorded the highest profit growth while also maintaining the strongest net profit margin (NPM). Modern Mills continued to trail the market leader in terms of revenue, but lagged in net profit, where Arabian Mills outperformed it.
In terms of revenue, First Milling and Modern Mills both exceeded the SAR 1 billion threshold. First Milling led the group, posting SAR 1.146 billion, reflecting an increase of nearly 9% year-on-year (YoY), supported by its network of four plants and an annual production capacity of over 1.8 million tons.
Modern Mills ranked second, backed by its three plants and a production capacity of about 1.5 million tons per year, reinforcing its position among the top performers in the sector.
Gross profit margins (GPM) across the companies ranged between 38% and 47%. Arabian Mills recorded the highest margin at about 47.19% by the end of 2025, supported by stable operating efficiency across its three plants in Riyadh, Hail, and Jazan, along with a strong focus on flour sales.
It was followed by MC4 at 46.4%, while Modern Mills reported the lowest margin at approximately 37.37%.
MC4 recorded the highest NPM among peers, reaching 30.4% by the end of 2025. Meanwhile, net margins for the other companies ranged between 21% and 24%.
The company’s leading margin was mainly driven by the absence of financing costs (FCs), as it carries no debt, giving it a clear advantage over its peers.
The four Saudi-listed milling companies announced their financial results for 2025, indicating a clear divergence in performance among First Milling Co., Arabian Mills, Modern Mills, and Fourth Milling Co. (MC4) in terms of profitability, dividends, and leverage.
First Milling maintained its lead in both revenue and net profit, demonstrating consistent performance over the past two years.
Meanwhile, MC4 recorded the highest profit growth while also maintaining the strongest net profit margin (NPM). Modern Mills continued to trail the market leader in terms of revenue, but lagged in net profit, where Arabian Mills outperformed it.
In terms of revenue, First Milling and Modern Mills both exceeded the SAR 1 billion threshold. First Milling led the group, posting SAR 1.146 billion, reflecting an increase of nearly 9% year-on-year (YoY), supported by its network of four plants and an annual production capacity of over 1.8 million tons.
Modern Mills ranked second, backed by its three plants and a production capacity of about 1.5 million tons per year, reinforcing its position among the top performers in the sector.
Gross profit margins (GPM) across the companies ranged between 38% and 47%. Arabian Mills recorded the highest margin at about 47.19% by the end of 2025, supported by stable operating efficiency across its three plants in Riyadh, Hail, and Jazan, along with a strong focus on flour sales.
It was followed by MC4 at 46.4%, while Modern Mills reported the lowest margin at approximately 37.37%.
MC4 recorded the highest NPM among peers, reaching 30.4% by the end of 2025. Meanwhile, net margins for the other companies ranged between 21% and 24%.
The company’s leading margin was mainly driven by the absence of financing costs (FCs), as it carries no debt, giving it a clear advantage over its peers.
