Financial Results : First Avenue 2023 net profit down 2% to SAR 42M

First Avenue 2023 net profit down 2% to SAR 42M

15/08/2024 Argaam Exclusive

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First Avenue Real Estate Development Co., which is in the process of listing on Nomu-Parallel Market, reported a net profit of SAR 41.9 million for 2023, a decline of 2% compared to SAR 42.7 million in the prior year period.



Financials (M)

Item 2022 2023 Change‬
Revenues 204.65 237.85 16.2 %
Gross Income 51.07 49.56 (3.0 %)
Operating Income 46.01 34.72 (24.5 %)
Net Income 42.71 41.95 (1.8 %)
Average Shares 188.58 188.58 -
EPS (Riyals) 0.23 0.22 (1.8 %)

The profit decline was attributed to a rise in cost of revenue by 79%, as well as in general and administrative expenses. 

 

Additionally, EBITDA was down to SAR 36 million, from SAR 46 million in 2022.

 

This was offset by a rise in revenue by 16.2% due to the increase in sales of the contracting segment by SAR 33 million.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬

The company's board approved, on Aug. 15, 2023 the distribution of cash dividend totaling SAR 10.175 million. The company also distributed bonus shares at 1-for-2, at a value of SAR 56.8 million, for 2023.

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