The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is |
The company achieved outstanding financial performance in Q1 2025, recording increased revenues compared to the same quarter in the previous year. This growth was primarily driven by improved operational performance across most business segments, coupled with the exceptional positive impact of previously disclosed brokerage fees, which significantly supported the company's revenues.
The contracting sector (third-party development segment) grew by 58% in the current quarter compared to the same period in the previous year, driven by an increase in the number of third-party development projects executed by the company.
Additionally, the rental segment experienced a 125% growth in the current quarter compared to the same quarter last year, driven by higher revenues from income-generating investment properties.
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The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
The increase in net profit during the current quarter compared to the corresponding quarter of the previous year is primarily attributed to a 213.47% rise in revenues compared to the same period in the previous year. This growth was primarily driven by improved operational performance across most business segments, combined with the exceptional positive impact of previously disclosed brokerage fees, which significantly supported the company's profitability. Meanwhile, operating expenses (including selling and marketing expenses, as well as general and administrative expenses) increased by only 23% during the current quarter compared to the same quarter in the previous year.
Furthermore, the company realized gains from the sale of investment properties amounting to SAR 18.15 million during the current quarter. Additionally, net financing costs decreased by 178% compared to the corresponding quarter of the previous year. Moreover, unrealized gains from the revaluation of investment properties increased by 14% during the current quarter compared to the same period in the previous year.
This positive performance occurred despite an increase in Zakat expenses to SAR 3.85 million in the current quarter, compared to SAR 0.25 million in the corresponding quarter of the previous year.
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The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is |
The decrease in revenues during the current quarter compared to the previous quarter (Q4 2024) is attributable to a decline in revenues from the development segment, as development projects remained in progress throughout the first quarter of 2025. In contrast, in the prior quarter, the company sold all units of one of its real estate projects, which had driven higher Development sales in that period.
In contrast, revenues from all other segments increased by 162% in the current quarter compared to the fourth quarter of 2024.
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The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is |
The increase in net profit in the current quarter compared to the previous quarter is attributed to the company generating revenues with a significantly higher profit margin. The net profit margin in the current quarter reached 67.3%, compared with 21.8% in the prior quarter, while the gross profit margin rose to 63% from 28%.
This improvement stems from:
• A gross profit of SAR 73.5 million in the current quarter versus SAR 33.3 million in the previous quarter, which was supported by the exceptional positive impact of previously disclosed brokerage fees.
• Gains of SAR 18.15 million from the sale of investment properties in the current quarter.
• A reduction in net financing costs to SAR 0.5 million, down from SAR 4.99 million in the prior quarter.
These positive drivers outweighed a 20% increase in Zakat expense and a 28% decline in unrealized gains from the revaluation of investment properties compared with the previous quarter.
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Statement of the type of external auditor's report |
Unmodified conclusion |
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) |
NA |
Reclassification of Comparison Items |
NA |
Additional Information |
We wish to draw our esteemed shareholders’ attention to the fact that the consolidated preliminary financial statements for the period ending March 31, 2025, will be available on the Investor Relations webpage of The First Avenue Real Estate Development Company’s website at the following link:
the1stavenue.com.sa
This availability follows their submission to the relevant authorities. The company also informs financial analysts and investors that any inquiries regarding the financial results of the first quarter may be submitted to the Investor Relations email address:
IR@The1stAvenue.com within ten days of the publication of the financial statements.
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Attached Documents |
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