First Avenue for Real Estate Development Company Reports Substantial Growth in Q1 2025

Strategic Insights -

The First Avenue for Real Estate Development Company has announced its consolidated interim financial results for the first quarter ending March 31, 2025, showing substantial growth in revenue and profitability. The company reported significant increases in sales/revenue, gross profit, operational profit, and net profit, with a notable 213.47% increase in sales/revenue compared to the same period last year. This growth is attributed to improved operational performance across most business segments, alongside the exceptional positive impact of previously disclosed brokerage fees. The company's contracting sector grew by 58%, while the rental segment saw a 125% increase, driven by higher revenues from income-generating investment properties.

Key Takeaways:

  • The company reported sales/revenue of SAR 115.86 million, a 213.47% increase compared to SAR 36.96 million in the same period last year.
  • Gross profit climbed to SAR 73.50 million, a significant leap of 898.51% from the previous year's corresponding quarter.
  • Operational profit reached SAR 69.97 million, marking a 1,456.84% increase from SAR 4.49 million in the previous year.
  • Net profit saw an even sharper rise, reaching SAR 78.00 million, which is a 1,649.57% increase from the SAR 4.46 million reported in the same quarter of the previous year.
  • The total comprehensive income for the quarter was SAR 78.00 million, representing a 58.93% increase compared to SAR 49.08 million during the same period last year.
  • Shareholders' equity, after deducting minority equity, stood at SAR 607.85 million, a 51.41% increase compared to SAR 401.47 million in the previous year.
  • The profit per share rose to SAR 0.38 from SAR 0.02, highlighting the company's strong financial performance.
  • Gains from the sale of investment properties amounted to SAR 18.15 million in the current quarter.
  • Net financing costs saw a significant reduction, decreasing by 178% compared to the previous year.

Statistics:

  • Sales/revenue: SAR 115.86 million (Q1 2025) vs. SAR 36.96 million (Q1 2024), a 213.47% increase.
  • Gross profit: SAR 73.50 million (Q1 2025) vs. SAR 7.36 million (Q1 2024), a 898.51% increase.
  • Operational profit: SAR 69.97 million (Q1 2025) vs. SAR 4.49 million (Q1 2024), a 1,456.84% increase.
  • Net profit: SAR 78.00 million (Q1 2025) vs. SAR 4.46 million (Q1 2024), a 1,649.57% increase.
  • Total comprehensive income: SAR 78.00 million (Q1 2025) vs. SAR 49.08 million (Q1 2024), a 58.93% increase.
  • Shareholders' equity: SAR 607.85 million (Q1 2025) vs. SAR 401.47 million (Q1 2024), a 51.41% increase.
  • Profit per share: SAR 0.38 (Q1 2025) vs. SAR 0.02 (Q1 2024), a 1900% increase.
  • Gain from sale of investment properties: SAR 18.15 million (Q1 2025).
  • Net financing costs reduction: 178% decrease compared to the previous year.

Sources:

  • First Avenue for Real Estate Development Company (Saudi Exchange)
  • Riyadh -- 15 Jun 2025 (Saudi Exchange)