Retal Urban Development Co., which will list soon on Saudi Exchange (Tadawul), reported a 96% surge in 2021 net profit to SAR 193.7 million, compared to a net profit of SAR 98.6 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 587.45 | 1,085.32 | 84.8 % |
| Gross Income | 124.31 | 245.46 | 97.5 % |
| Operating Income | 90.42 | 181.53 | 100.8 % |
| Net Income | 98.63 | 193.72 | 96.4 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.20 | 0.39 | 96.4 % |
The profit rise was spurred by revenue, which soared 85% year-on-year (YoY) in 2021. Retal reported one-off profit of SAR 13.9 million on the disposal of an affiliate.
On the other hand, the real estate developer incurred impairment provisions of SAR 4.8 million. It also reported higher finance costs and Zakat charges.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 266.20 | 471.97 | 77.3 % |
| Gross Income | 66.89 | 100.35 | 50.0 % |
| Operating Income | 59.92 | 76.60 | 27.8 % |
| Net Income | 55.70 | 73.82 | 32.5 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.11 | 0.15 | 32.5 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 238.01 | 471.97 | 98.3 % |
| Gross Income | 54.13 | 100.35 | 85.4 % |
| Operating Income | 36.26 | 76.60 | 111.3 % |
| Net Income | 35.21 | 73.82 | 109.6 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.07 | 0.15 | 109.6 % |
In Q4 2021, Retal’s net profit grew by 32.5% to SAR 73.8 million, from SAR 55.70 million in Q4 2020, thanks to a 77% YoY rise in revenue.
Sequentially, net profit more than doubled from SAR 35.12 million on 98% revenue growth.
Shareholders’ equity, after minority interest, increased to SAR 568.77 million in 2021, compared to SAR 518.97 million a year earlier.
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