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

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 %
Shareholders’ equity, no minority interest, reached SAR 430.24 million by June 30, 2024, compared to SAR 316.83 million a year earlier.


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 -
H1 2024 99.50 (39.4 %) 36.25 9.8 % 26.49 1.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H1 2024 31.05 22.0 % 0.16 - 31.05 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2024 30.47 % 20.55 % 27.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2024 188.58 0.25 0.25 2.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H1 2024 - - -

Business Segments (Million)

Compared With The
Period Selling sector Real estate Construction sector Assets and liabilities Shared Rental sector
Q2 2023 118.83 42.96 2.28 -
Q4 2023 23.99 38.36 11.43 -
Q2 2024 - 70.85 27.30 1.34


Financial Ratios
Current
Market Cap (M Riyal) 1,742.50
Enterprise Value (EV) (M) 1,846.36
Shares Outstanding ((M)) 205.00
Book Value (BV) ( Riyal) 1.74
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 41.54
Price/book 5.31
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Share Price

First Avenue for Real Estate Development Co.
8.50
0.70 8.97 %

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

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