Retal Urban Development Co. reported a net profit after Zakat and tax of SAR 183.2 million in the first nine months of 2022, an increase of 53% from SAR 119.8 million a year earlier.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 613.35 | 815.38 | 32.9 % |
| Gross Income | 145.11 | 235.31 | 62.2 % |
| Operating Income | 104.93 | 183.98 | 75.3 % |
| Net Income | 119.90 | 183.20 | 52.8 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.24 | 0.37 | 52.8 % |
The real estate developer reported a rise of 33% year-on-year (YoY) in revenue. Gross profit margins expanded to 28%, compared to 24% in the same period of 2021. The gross profit growth rate reached 58%, on an increase in profits from the sale of real estate units and lands in the current period.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 238.01 | 406.07 | 70.6 % |
| Gross Income | 54.13 | 117.12 | 116.4 % |
| Operating Income | 36.26 | 98.91 | 172.8 % |
| Net Income | 35.21 | 89.76 | 154.9 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.07 | 0.18 | 154.9 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 134.15 | 406.07 | 202.7 % |
| Gross Income | 40.80 | 117.12 | 187.1 % |
| Operating Income | 25.11 | 98.91 | 293.9 % |
| Net Income | 30.03 | 89.76 | 198.9 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.06 | 0.18 | 198.9 % |
In Q3 2022, net profit after Zakat and tax more than doubled to SAR 89.8 million, compared to SAR 35.12 million in Q3 2021. Revenue recorded 71% YoY growth. Gross profit margins rose to 28%, compared to 23% in the same period of 2021. The gross profit growth rate improved by 113% , on an increase in profits from the sale of real estate units and lands in the current period.
Compared to Q2 2022, net profit skyrocketed 198.8% from SAR 30.04 million.
Total shareholders’ equity, excluding minority interest, stood at SAR 671.72 million by the end of September 2022, up from SAR 563.69 million in the year-earlier period.
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