Retal Q1 net profit up 50% to SAR 62.3M

Retal Urban Development Co. reported a net profit of SAR 62.3 million in Q1 2024, an increase of 50% from SAR 41.5 million in the year-earlier period.

The annual net profit increased due to a rise in development contracts revenue by 58% to reach SAR 460 million. This rise is driven by the increase in the under-development projects from eight to 16, and an increase in completion rates of all projects. In addition, Retal’s revenue rose due to an increase in investment funds and joint projects revenues, as well as a surge in unit sales revenue by 76% to reach SAR 33.46 million.

The company’s share in equity accounted investments rose to SAR 8.43 million in Q1 2024. Moreover, income from investments at fair value rose to SAR 2.42 million.

This came despite an increase in general, administrative, selling, marketing, and financing expenses.

The first-quarter net profit rose 10.5% from SAR 56.37 million, on 7% higher development contracts revenue, amounting to SAR 460 million, lower operating expenses and higher profit from investments at fair value amounting to SAR 2.42 million.

Total shareholders’ equity, excluding minority interest, stood at SAR 724.79 million in Q1 2024, compared to SAR 775.94 million in a prior-year period.

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