First Avenue H1 2024 profit rises 22% to SAR 31M

16/10/2024 Argaam Exclusive

First Avenue Real Estate Development Co. reported a net profit of SAR 31 million for the six months ended June 30, 2024, an increase of 22% compared to SAR 25.5 million in the prior year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 164.07 99.50 (39.4 %)
Gross Income 33.00 36.25 9.8 %
Operating Income 26.07 26.49 1.6 %
Net Income 25.46 31.05 22.0 %
Average Shares 188.58 188.58 -
EPS (Riyals) 0.13 0.16 22.0 %

The company starts trading on Nomu-Parallel Market today, Oct. 16.

 

The profit-rise was spurred by higher profit margins from revenue received from commissions, contracting segment, and rentals. In addition, the increase in fair value of some investment properties supported the six-month earnings.

 

Additionally, revenue from the contracting segment (development for others) increased by SAR 28 million.

 

This was offset by a slump in revenue due to the delay of some sales until the second half of the year 2024, which will be reflected later.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 164.07 99.50 (39.4 %)
Gross Income 33.00 36.25 9.8 %
Operating Income 26.07 26.49 1.6 %
Net Income 25.46 31.05 22.0 %
Average Shares 188.58 188.58 -
EPS (Riyals) 0.13 0.16 22.0 %
Shareholders’ equity, no minority interest, reached SAR 430.24 million by June 30, 2024, compared to SAR 316.83 million a year earlier.

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Share Price

First Avenue for Real Estate Development Co.
9.09
(0.08) (0.87 %)

First Avenue for Real Estate Development Co. (FIRST AVENUE)

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Financial Ratios
Current
Market Cap (M Riyal) 1,863.45
Enterprise Value (EV) (M) 1,967.31
Shares Outstanding ((M)) 205.00
Book Value (BV) ( Riyal) 1.74
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 44.42
Price/book 5.68
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