Financial Results : Retal net profit jumps 62% to SAR 63.4 mln in Q1 2022

Retal net profit jumps 62% to SAR 63.4 mln in Q1 2022

28/06/2022 Argaam Exclusive

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Retal Urban Development Co. reported a 62% rise in Q1 2022 net profit after Zakat and tax to SAR 63.4 million, from SAR 39.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 216.03 275.16 27.4 %
Gross Income 51.04 77.39 51.6 %
Operating Income 40.26 59.96 48.9 %
Net Income 39.26 63.44 61.6 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.08 0.13 61.6 %

The profit growth was spurred by a 27.37% year-on-year (YoY) rise in revenue. The company’s gross profit climbed 47.92% YoY to SAR 75.5 million, leading gross profit margins to expand to 27.44% in the three-month period from 23.63% in Q1 2021.

 

Compared to the previous quarter, net profit after Zakat and tax dropped 14.1% from SAR 73.82 million.

Shareholders’ equity, after minority interest, increased by 12.3% to SAR 632.35 million by the end of Q1 2022, from SAR 563.04 million a year earlier.

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