Financial Results : First Avenue 2024 profit rises 41% to SAR 59.3M; H2 at SAR 28.3M

First Avenue 2024 profit rises 41% to SAR 59.3M; H2 at SAR 28.3M

06/03/2025 Argaam Exclusive

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First Avenue Real Estate Development Co. reported a net profit of SAR 59.3 million for 2024, a 41% leap from SAR 42 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 237.85 254.95 7.2 %
Gross Income 49.56 72.56 46.4 %
Operating Income 34.65 53.37 54.0 %
Net Income 41.95 59.30 41.3 %
Average Shares 188.58 205.00 8.7 %
Earnings Per Share before unusual items (Riyals) 0.22 0.27 22.7 %
EPS (Riyals) 0.22 0.29 30.0 %

TThe annual net profit was driven by a SAR 17 million rise year-on-year (YoY) in topline, due to better revenue from the third-party development operations and real estate brokerage, in addition to the introduction of leasing.

 

Operating revenue also grew by 7.19% YoY, while operating costs decreased by 3.14% YoY. Accordingly, the company’s gross profit jumped 46.43% YoY, with other income surging 580.9%.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 73.78 155.45 110.7 %
Gross Income 16.55 36.31 119.4 %
Operating Income 8.57 26.88 213.5 %
Net Income 16.49 28.25 71.3 %
Average Shares 188.58 205.00 8.7 %
Earnings Per Share before unusual items (Riyals) 0.09 0.12 38.9 %
EPS (Riyals) 0.09 0.14 57.5 %

The H2 2024 net earnings climbed 71% to SAR 28.3 million from SAR 16.5 million in the second half of 2023.

 

On a sequential basis, net earnings declined 9% from SAR 31 million in H1 2024.

 

Total shareholders’ equity, no minority interest, increased to SAR 529.80 million as of Dec. 31, 2024, from SAR 328.23 million a year earlier.

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