Retal net profit rises 27% to SAR 245.7 mln in 2022, Q4 slips to SAR 62.5

01/03/2023 Argaam Exclusive

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Retal Urban Development Co. reported a net profit after Zakat and tax of SAR 245.7 million in 2022, up 27% from SAR 193.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,085.32	1,106.83	2.0 %
Gross Income	245.46	303.23	23.5 %
Operating Income	181.53	224.31	23.6 %
Net Income	193.72	245.74	26.9 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.39	0.49	26.9 %

Gross profit grew 21% year-on-year (YoY) and gross profit margin improved to 26.8% from 22.6% in 2021, due to higher profits from sale of residential units and land in 2022.

The company also logged an increase in its share of results of equity accounted investments and gains from investments at fair value and other income, which led to a rise in net profit margin 22.2% in 2022 from 17.8% in the previous year.

Meanwhile, general and administrative (G&A) expenses rose, along with financing expenses that are directly related to the increase in SAIBOR rates.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	471.97	291.45	(38.2 %)
Gross Income	100.35	67.92	(32.3 %)
Operating Income	76.60	40.32	(47.4 %)
Net Income	73.82	62.55	(15.3 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.15	0.13	(15.3 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	406.07	291.45	(28.2 %)
Gross Income	117.12	67.92	(42.0 %)
Operating Income	98.91	40.32	(59.2 %)
Net Income	89.76	62.55	(30.3 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.18	0.13	(30.3 %)

In Q4 2022, Retal’s net profit fell 15% to SAR 62.5 million, from SAR 73.4 million in Q4 2021.

Sequentially, Q4 net profit dropped from SAR 89.76 million.

Shareholders’ equity, after minority interest, amounted to SAR 734.4 million as of Dec. 31, 2022, compared to SAR 568.77 million the previous year.

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