First Avenue releases Q3-26 business update report

FIRST AVENUE
9610 -4.09% 2.11 -0.09

Riyadh — Mubasher: First Avenue for Real Estate Development Company released its quarterly business and project update for the third quarter (Q3) of 2026, according to a bourse filing.

This report will be prepared on a regular quarterly basis and will be further expanded over time to include additional information in line with shareholders’ expectations and to strengthen the company’s disclosure and transparency practices.

Operational updates highlighted progress across its development portfolio, including the 99% completion of the Jada Diriyah project and 78% completion of Jada Al Basateen.

It also confirmed the sale of its entire 38.6% stake in the La Perle Real Estate Fund for SAR 131 million as part of a strategic portfolio realignment to focus on high-priority projects.

In the first half (H1) of 2026, the net profits amounted to SAR 10 million. The company, which manages a portfolio exceeding SAR 6 billion, recorded total revenues of SAR 80 million against a cost of revenue totaling SAR 69 million during the same period.

The disclosure detailed significant capital restructuring, including a capital increase of 46.3% to reach SAR 300 million.

Financial stability was further supported by a SAR 100 million credit facility agreement signed with SAB to enhance financing flexibility for ongoing projects.

As of the end of June 2026, the company’s total assets stood at SAR 1.74 billion, with total liabilities at SAR 1.05 billion and shareholders' equity at SAR 686 million.

Source: Mubasher Source: {{details.article.source}}