Financial Results : Retal’s 9M 2022 net profit up 53% to SAR 183.2 mln; Q3 at SAR 89.8 mln

Retal’s 9M 2022 net profit up 53% to SAR 183.2 mln; Q3 at SAR 89.8 mln

26/10/2022 Argaam Exclusive

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Retal Urban Development Co. reported a net profit after Zakat and tax of SAR 183.2 million in the first nine months of 2022, an increase of 53% from SAR 119.8 million a year earlier.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 613.35 815.38 32.9 %
Gross Income 145.11 235.31 62.2 %
Operating Income 104.93 183.98 75.3 %
Net Income 119.90 183.20 52.8 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.24 0.37 52.8 %

The real estate developer reported a rise of 33% year-on-year (YoY) in revenue. Gross profit margins expanded to 28%, compared to 24% in the same period of 2021. The gross profit growth rate reached 58%, on an increase in profits from the sale of real estate units and lands in the current period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 238.01 406.07 70.6 %
Gross Income 54.13 117.12 116.4 %
Operating Income 36.26 98.91 172.8 %
Net Income 35.21 89.76 154.9 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.07 0.18 154.9 %

In Q3 2022, net profit after Zakat and tax more than doubled to SAR 89.8 million, compared to SAR 35.12 million in Q3 2021. Revenue recorded 71% YoY growth. Gross profit margins rose to 28%, compared to 23% in the same period of 2021. The gross profit growth rate improved by 113% , on an increase in profits from the sale of real estate units and lands in the current period.

 

Compared to Q2 2022, net profit skyrocketed 198.8% from SAR 30.04 million. 

 

Total shareholders’ equity, excluding minority interest, stood at SAR 671.72 million by the end of September 2022, up from SAR 563.69 million in the year-earlier period.

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