First Avenue Q1 2025 profit surges to SAR 78M

First Avenue Real Estate Development Co. reported a net profit of SAR 78 million for Q1 2025, soaring from SAR 4.5 million in the prior year period.

The company achieved outstanding financial performance in Q1 2025, recording a 213.47% surge in 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 segment (third-party development segment) grew by 58% year-on-year (YoY) in Q1 2025, boosted by an increase in the number of third-party development projects executed by the company.

Additionally, the rental segment experienced a 125% growth YoY, fueled by higher revenues from income-generating investment properties.

Meanwhile, operating expenses (including selling, marketing, general, and administrative expenses) increased by 23% YoY.

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% YoY. Moreover, unrealized gains from the revaluation of investment properties increased by 14% YoY.

However, Zakat expenses increased to SAR 3.85 million in Q1 2025, compared to SAR 0.25 million in the corresponding quarter of the previous year.

Total shareholders' equity, no minority interest, reached SAR 607.85 million by the end of Q1 2025, soaring from SAR 401.46 million a year earlier.

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