First Avenue profits rise to SAR 59 million at the end of 2024, a 41% increase

First Avenue for Real Estate Development Company’s net profit rose to SAR 59 million by the end of 2024, compared to SAR 42 million in 2023, marking a 41% increase, following today’s announcement of the Consolidated Annual Financial results for the period ending on December 31, 2024.

Operational profit stood at SAR 53 million at the end of 2024, compared to SAR 35 million in 2023, a 54% increase.

Total shareholders’ equity (after deducting minority equity) for the current year was SAR 529 million, compared to SAR 328 million in 2023, reflecting a 61% growth.

Profit per share for the current year amounted to SAR 0.34, compared to SAR 0.25 in 2023.

The company stated in a release that the main reason for the SAR 17 million increase in revenue was the rise in contracting activity (development for third parties) revenue by SAR 68 million and a SAR 5 million increase in revenue from real estate brokerage activities. Additionally, a new “rental activity” was introduced during the year, generating revenue of SAR 6 million. This increase was offset by a decline in development sales revenue by SAR 62 million, as development project cycles extend over periods exceeding 18 to 24 months.