Retal profit jumps 32% to SAR 266.1M in 2024; Q4 at SAR 91.6M

02/03/2025 Argaam Exclusive
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Retal Urban Development Co. reported a net profit of SAR 266.1 million in 2024, an increase of 32% compared to SAR 202.4 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,367.13 2,063.21 50.9 %
Gross Income 379.29 499.66 31.7 %
Operating Income 245.07 340.23 38.8 %
Net Income 202.35 266.13 31.5 %
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyals) 0.40 0.53 31.5 %
EPS (Riyals) 0.40 0.53 31.5 %

Revenues increased by 51% year-on-year (YoY) to its highest annual level since inception on a 56% increase YoY in revenue from the development contracts. This was driven by an increase in the number of units sold, growth in ongoing projects from 12 to 17 projects, higher completion rates in the ongoing projects and rising revenue from real estate funds and joint ventures.

 

The company also cited a 32% increase YoY in gross profit to SAR 499.65 million, and higher profit shares in the equity accounted investments.

 

This came despite the increase in general and administrative expenses and higher finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 448.15 588.48 31.3 %
Gross Income 133.75 133.88 0.1 %
Operating Income 83.75 77.86 (7.0 %)
Net Income 56.37 91.64 62.6 %
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyals) 0.11 0.18 62.6 %
EPS (Riyals) 0.11 0.18 62.6 %

Q4 2024 net profit jumped 63% year-on-year (YoY) to SAR 91.6 million from SAR 56.3 million.

 

On a sequential basis, net profit more than doubled from SAR 40.03 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 833.97 million by Dec. 31, 2024, compared to SAR 742.51 million a year earlier.

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Share Price

Retal Urban Development Co.
15.66
(0.16) (1.01 %)

Retal Urban Development Co. (RETAL)

1 Day (1.01 %) 5 Days 7.26 % 3 Months (4.70 %) 6 Months 11.10 % Year 68.30 % 2 Years 69.63 % 5 Years 61.78 % All 61.78 %
Created with Highstock 6.0.710:1010:2010:3010:5011:0011:1011:2011:3011:5012:0012:1012:2012:3012:4012:5013:0013:1013:2013:3015.4515.515.5515.615.6515.715.7515.815.8515.915.95
Close : 15.64 | Mar 18, 12:03
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Financial Ratios
Current
Market Cap (M Riyal) 7,910.00
Enterprise Value (EV) (M) 8,735.20
Shares Outstanding ((M)) 500.00
EPS ( Riyal) (TTM) 0.53
Book Value (BV) ( Riyal) 1.67
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 29.72
P/E (TTM) 29.72
Price/book 9.48
Return on Average Assets (%) (TTM) 6.8
Return on Average Equity (%) (TTM) 11.9
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