First Avenue Q1 Profit Soars 1,649% to SAR 77.9 Mln

First Avenue Real Estate Development Company reported a sharp jump in first-quarter net profit to SAR 77.9 million, up from SAR 4.4 million a year earlier, marking a 1,649.5% increase, the company said on Sunday.

Operating profit surged to SAR 69.9 million, compared with SAR 4.4 million in Q1 2024, reflecting a 1,456.8% rise.

Total shareholders’ equity, excluding minority interest, reached SAR 607.8 million, up 51.4% from SAR 401.4 million in the same quarter last year.

Earnings per share rose to SAR 0.38 from SAR 0.02 a year earlier, based on preliminary financial results for the three-month period ending March 31, 2025.