Financial Results : Retal profit falls 35% to SAR 41.5 mln in Q1 2023

Retal profit falls 35% to SAR 41.5 mln in Q1 2023

18/05/2023 Argaam Exclusive

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Retal Urban Development Co. reported a 35% fall in Q1 2023 net profit to SAR 41.5 million, from SAR 63.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 275.16 319.60 16.2 %
Gross Income 77.39 75.58 (2.3 %)
Operating Income 59.96 51.08 (14.8 %)
Net Income 63.44 41.54 (34.5 %)
Average Shares 500.00 500.00 -
EPS (Riyals) 0.13 0.08 (34.5 %)

Gross profit declined 7% year-on-year (YoY) to SAR 70 million, mainly due to lower land sales.

 

In addition, general and administrative expenses grew 43% YoY to SAR 15.8 million in Q1 2023, while selling and marketing expenses rose 36.5% YoY to SAR 8.6 million.

 

The company also cited a lower gain on sale of investments at fair value through profit or loss (FVTPL), which came in at SAR 1.7 million in Q1 2023, compared to SAR 6.7 million in the prior-year period.

 

Sequentially, the first-quarter net profit dropped 33.6% from SAR 62.55 million, on lower land and unit sales as well as higher selling and marketing expenses.

 

Shareholders’ equity, no minority interest, increased by 22.73% to SAR 775.9 million by the end of Q1 2023, from SAR 632.35 million a year earlier.

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