Retal profit up 19% to SAR 174.5M in 9M 2024; Q3 at SAR 40M

Retal Urban Development Co. reported a net profit jump of 19% to SAR 174.5 million in the first nine months of 2024 from SAR 146 million in the year-earlier period.

Retal reported a 68% hike in development contract revenues, reaching SAR 1.4 billion—a record high for the company. This growth was driven by an increase in active projects, from 11 to 16, and higher completion rates for ongoing developments.

In addition, the firm witnessed an increase in revenues from the development of REITs and joint ventures.

Meanwhile, Retal reported an increase in general and administrative expenses to SAR 76.82 million, alongside higher sales and marketing costs at SAR 26.59 million and a rise in financing expenses to SAR 92.24 million.

The third-quarter net profit grew 20% to SAR 40 million, from SAR 33.4 million in Q3 2023, mainly due to a 56% leap in development contract revenues.

The company’s bottom line dropped 44.5% from SAR 72.18 million in Q2 2024.

Shareholders’ equity, after minority interest, reached SAR 754.93 million by Sept. 30, 2024, compared to SAR 688.55 million in the prior-year period.

View More Financial Results