Retal’s 2021 net profit soars 96% to SAR 193.7 mln; Q4 at SAR 73.8 mln

11/05/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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