First Avenue distributes cash dividends, bonus shares for 2022

Logo of First Avenue Real Estate Development Co.

First Avenue Real Estate Development Co. announced the distribution of a 6% cash dividend for 2022, totaling SAR 10.17 million, representing 23% of the company's net profit for the same year.

This step is in continuation of the company's plan to raise capital by about 65% via a one-for-two bonus issue, approved by the company's general assembly held on June 7. Accordingly, its capital will increase from SAR 113.62 million to SAR 188.57 million.

The company stressed the move aligns with its policy aimed at developing its business while maintaining cash dividends in order to achieve stable returns and asset growth. This would, in turn, maximize the interest of shareholders in the medium term.

First Avenue Real Estate is a closed Saudi joint stock company, with a registered capital of SAR 188.57 million. It works on qualitative pivotal commercial and residential projects, by building specialized alliances and innovative partnerships with real estate funds and local banks. It has a pipeline of projects exceeding SAR 1 billion.