First Avenue H1 2025 profit surges 152% to SAR 78.1M

First Avenue Real Estate Development Co. reported a net profit of SAR 78.1 million in H1 2025, an increase of 152% compared to SAR 31 million in the prior year period.

The surge was driven by stronger revenues across key segments, including a 28% year-on-year (YoY) rise in construction revenues from third-party development projects and a 133% increase in rental income from investment properties. Brokerage and commission revenues jumped 126% on the back of an exceptional brokerage fee gain disclosed earlier.

The company also booked SAR 18.15 million in gains from the sale of investment properties and reported a 44% YoY decline in net finance costs.

However, unrealized revaluation gains from investment properties fell 71% YoY, while Zakat expenses climbed to SAR 5.6 million from SAR 1.75 million. Operating expenses rose 28% but remained below the pace of revenue growth.

On a sequential basis, net income surged 176.6% from SAR 28.25 million in H1 2024.

Total shareholders’ equity, no minority interest, stood at SAR 607.95 million as of the end of H1 2025, compared to SAR 430.24 million in the prior-year period.

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