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

15/08/2024 Argaam Exclusive

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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Share Price

First Avenue for Real Estate Development Co.
8.20
(0.29) (3.42 %)

First Avenue for Real Estate Development Co. (FIRST AVENUE)

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Financial Ratios
Current
Market Cap (M Riyal) 1,681.00
Enterprise Value (EV) (M) 1,784.86
Shares Outstanding ((M)) 205.00
Book Value (BV) ( Riyal) 1.74
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 40.07
Price/book 5.12
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 164.07 - 33.00 - 26.07 -
H2 2023 73.78 - 16.55 - 8.64 -
2023 237.85 16.2 % 49.56 (3.0 %) 34.72 (24.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 25.46 - 0.13 - 25.46 0.13
H2 2023 16.49 - 0.09 - 16.49 0.09
2023 41.95 (1.8 %) 0.22 - 41.95 0.22

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 20.83 % 14.82 % 17.64 %
2023 20.83 % 14.82 % 17.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 - - - -
H2 2022 - - - -
H1 2023 188.58 - - 1.68
H2 2023 188.58 0.22 0.22 1.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 - - -

Business Segments (Million)

Compared With The
Period Selling sector Real estate Construction sector Assets and liabilities Shared
Q2 2023 118.83 42.96 2.28
Q4 2023 23.99 38.36 11.43

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