Money and business
The profits of “First Avenue” rise to 59.29 million riyals at the end of 2024
The profits of Al -Jahada Al -Aworthy Real Estate Development Company in 2024 increased by 41.4% to 59.29 million riyals, compared to 41.95 million riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, the reason for increasing the net profit is due to:
– Increasing operational revenues during the year 2024 AD by 7.19% compared to 2023 AD, an increase of 17.1 million riyals, resulting from increasing revenues from the contracting sector (development for others) at a value of 68 million riyals, the increase in revenues of real estate mediation activity in the amount of 5 million riyals, and the presence of a new activity during the year “rental activity”, as its revenues amounted to 6 million riyals.
Taking into consideration the decrease in sales and development revenues in the amount of 62 million riyals, especially that the development projects course extends for periods exceeding 18-24 months.
– The decrease in the costs of operational revenue during the year 2024 AD by 3.14% compared to 2023 m, a decrease of 5.9 million riyals.
– The increase in operational revenues and the decrease in the costs of operational revenue led to an increase in the overall profit during the year 2024 m by 46.43% compared to 2023 m, an increase of 23 million riyals.
– Increasing unrealized profits from re -evaluating investment real estate during the year 2024 AD by 79.68% compared to 2023 AD, an increase of 7.7 million riyals.
– Increasing other revenues during the year 2024 AD by 580.98% compared to 2023 m, an increase of 3 million riyals.
It should be noted that the reason for increasing the comprehensive income of the year by 83.66% to 104 million riyals compared to 56.67 million riyals in 2023 AD, an increase of 47.4 million riyals is the result of changing the fair value of financial investments at fair value through the other comprehensive income resulting from the exit of investment funds from a set of investments and achieving capital returns.
According to the company’s statement on Saudi Arabia’s circulation, the reason for increasing the net profit is due to:
– Increasing operational revenues during the year 2024 AD by 7.19% compared to 2023 AD, an increase of 17.1 million riyals, resulting from increasing revenues from the contracting sector (development for others) at a value of 68 million riyals, the increase in revenues of real estate mediation activity in the amount of 5 million riyals, and the presence of a new activity during the year “rental activity”, as its revenues amounted to 6 million riyals.
Taking into consideration the decrease in sales and development revenues in the amount of 62 million riyals, especially that the development projects course extends for periods exceeding 18-24 months.
– The decrease in the costs of operational revenue during the year 2024 AD by 3.14% compared to 2023 m, a decrease of 5.9 million riyals.
– The increase in operational revenues and the decrease in the costs of operational revenue led to an increase in the overall profit during the year 2024 m by 46.43% compared to 2023 m, an increase of 23 million riyals.
– Increasing unrealized profits from re -evaluating investment real estate during the year 2024 AD by 79.68% compared to 2023 AD, an increase of 7.7 million riyals.
– Increasing other revenues during the year 2024 AD by 580.98% compared to 2023 m, an increase of 3 million riyals.
It should be noted that the reason for increasing the comprehensive income of the year by 83.66% to 104 million riyals compared to 56.67 million riyals in 2023 AD, an increase of 47.4 million riyals is the result of changing the fair value of financial investments at fair value through the other comprehensive income resulting from the exit of investment funds from a set of investments and achieving capital returns.
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