Riyadh — Mubasher: First Avenue for Real Estate Development Company registered a net profit of SAR 10.64 million in the first half (H1) of 2026, marking an 86.38% decrease from the SAR 78.14 million recorded during the same period in 2025.
Earnings per share (EPS) fell to SAR 0.04 in H1-26 from SAR 0.28 a year earlier, according to a bourse filing.
Total revenue declined by 54.27% to SAR 80.21 million in H1-26 from SAR 175.41 million.
The company attributed the downturn primarily to the non-repetition of an exceptional SAR 57 million real estate brokerage and advisory fee earned in the prior-year period.
Additionally, contracting sector revenue dropped from SAR 90.60 million in H1-25 to SAR 22.60 million in H1-26 as major projects neared completion.
Despite the overall decline, core development activities showed growth. Revenue from property sales surged by 146% to SAR 49.30 million, while rental income rose by 29.1%.
Profitability was further impacted by rising finance costs, which climbed to SAR 6 million in H1-26 from SAR 3.60 million due to increased bank facility utilization.
Total equity reached SAR 686.87 million, reflecting a 12.98% increase compared to H1-25.
First Avenue also recorded a SAR 7.50 million unrealized gain from the revaluation of investment properties.
