Retal profit jumps 32% to SAR 266.1M in 2024; Q4 at SAR 91.6M

02/03/2025 Argaam Exclusive

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Retal Urban Development Co. reported a net profit of SAR 266.1 million in 2024, an increase of 32% compared to SAR 202.4 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,367.13	2,063.21	50.9 %
Gross Income	379.29	499.66	31.7 %
Operating Income	245.07	340.23	38.8 %
Net Income	202.35	266.13	31.5 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items (Riyals)	0.40	0.53	31.5 %
EPS (Riyals)	0.40	0.53	31.5 %

Revenues increased by 51% year-on-year (YoY) to its highest annual level since inception on a 56% increase YoY in revenue from the development contracts. This was driven by an increase in the number of units sold, growth in ongoing projects from 12 to 17 projects, higher completion rates in the ongoing projects and rising revenue from real estate funds and joint ventures.

The company also cited a 32% increase YoY in gross profit to SAR 499.65 million, and higher profit shares in the equity accounted investments.

This came despite the increase in general and administrative expenses and higher finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	448.15	588.48	31.3 %
Gross Income	133.75	133.88	0.1 %
Operating Income	83.75	77.86	(7.0 %)
Net Income	56.37	91.64	62.6 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items (Riyals)	0.11	0.18	62.6 %
EPS (Riyals)	0.11	0.18	62.6 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	510.43	588.48	15.3 %
Gross Income	109.98	133.88	21.7 %
Operating Income	72.83	77.86	6.9 %
Net Income	40.03	91.64	128.9 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items (Riyals)	0.08	0.18	128.9 %
EPS (Riyals)	0.08	0.18	128.9 %

Q4 2024 net profit jumped 63% year-on-year (YoY) to SAR 91.6 million from SAR 56.3 million.

On a sequential basis, net profit more than doubled from SAR 40.03 million in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 833.97 million by Dec. 31, 2024, compared to SAR 742.51 million a year earlier.

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