First Avenue 2025 profit leaps 87% to SAR 110.9M; H2 at SAR 32.8M

First Avenue Real Estate Development Co. reported a net profit of SAR 110.9 million for 2025, an 87% surge from SAR 59.3 million a year earlier.

The company attributed the profit increase to a rise in unrealized gains from the fair value revaluation of investment properties, reaching approximately SAR 77.7 million compared to SAR 17.4 million in 2024, due to an increase in the fair values of certain real estate assets.

Revenue grew by 28% year-on-year (YoY) in 2025 to SAR 326.6 million, driven by improved operational performance across all business segments.

This was despite the recognition of losses from the company’s share of results of equity-accounted investments amounting to SAR 6.4 million in 2025, compared to SAR 0.99 million in 2024.

In addition, the company recognized losses arising from the liquidation of a subsidiary due to the write-off of goodwill amounting to SAR 2.4 million, as well as the recognition of an impairment provision on advances paid for the purchase of investment properties amounting to SAR 8.5 million.

Zakat expenses rose to SAR 16.4 million in 2025, compared to SAR 4.9 million in 2024, and net financing costs recognized in the statement of profit or loss decreased by 40% YoY.

H2 2025 net earnings grew by 16% to SAR 32.8 million, from SAR 28.25 million in H2 2024.

On a sequential basis, net earnings declined 58.1% from SAR 78.14 million in H1 2025.

Total shareholders’ equity, no minority interest, increased to SAR 674.54 million as of Dec. 31, 2025, from SAR 529.80 million a year earlier.

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