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

16/10/2024 Argaam Exclusive

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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 %

Item	H2 2023	H1 2024	Change‬
Revenues	73.78	99.50	34.9 %
Gross Income	16.55	36.25	119.0 %
Operating Income	8.64	26.49	206.5 %
Net Income	16.49	31.05	88.2 %
Average Shares	188.58	188.58	-
EPS (Riyals)	0.09	0.16	88.2 %

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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