Retal board recommends transferring SAR 91.2M to retained earnings

Logo of Retal Urban Development Co.

Retal Urban Development Co.’s board of directors recommended on Nov. 28 to transfer the statutory reserve balance of SAR 83.01 million, as per 2023 financial report, to the retained earnings, according to a statement to Tadawul.

For more news on listed companies

The recommendation included transferring the reserve balance for change in ownership shares of a subsidiary company amounting SAR 8.16 million, as in the financial statements ending on Dec. 31, 2023, to the balance of retained earnings.

According to data available with Argaam, Retal reported a net profit decline of 18% to SAR 202.4 million by the end of 2023, from SAR 245.7 million in 2022.