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First Avenue for Real Estate Development Co. 2023 Annual Results

Revenue

SAR 238M

Net Profit

SAR 42M

EPS

SAR 0.25

Operating Cash Flow

SAR 97M

First Avenue for Real Estate Development Co. (9610) reported full year 2023 revenue of SAR 238M, up 16.2% from SAR 205M in 2022. Net profit came in at SAR 42M, down 1.8% year on year. Earnings per share were SAR 0.25. The company generated SAR 97M in operating cash flow. All figures sourced from CMA-mandated XBRL filings on the Saudi Exchange, processed by Sahm Screener.

Earnings Quality

Of every SAR 1.00 in reported net profit, SAR 2.31 arrived as operating cash flow — indicating Exceptional quality earnings with a cash conversion ratio of 2.31.

Key Financial Metrics

Metric	2023	2022
Revenue	SAR 238M	SAR 205M
Net Profit	SAR 42M	SAR 43M
Net Margin	17.6%	20.9%
ROE	12.8%	15.2%
EPS	SAR 0.25	SAR 4.18
Total Assets	SAR 499M	SAR 415M
Total Equity	SAR 328M	SAR 282M
Total Liabilities	SAR 171M	SAR 134M
Operating Cash Flow	SAR 97M	SAR 37M

Year on Year Comparison

Revenue increased by 16.2% compared to 2022. Net profit decreased by 1.8%. Revenue grew but profit declined — suggesting margin pressure.

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Financial data sourced from CMA-mandated XBRL filings published on the Saudi Exchange (Tadawul). Data processed and structured by Sahm Screener (sahmscreener.com). Updated nightly. Last updated: 2025-03-20.