Retal H1 2024 net profit rises 19% to SAR 134.5M; Q2 at SAR 72.2M

31/07/2024 Argaam Exclusive

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Retal Urban Development Co. reported a net profit jump of 19% to SAR 134.5 million in H1 2024, from SAR 112.5 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	582.99	964.30	65.4 %
Gross Income	153.86	255.80	66.3 %
Operating Income	105.06	189.53	80.4 %
Net Income	112.55	134.46	19.5 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.23	0.27	19.5 %

The first-half earnings were bolstered by a 65% year-on-year (YoY) rise in topline, due to a 76% increase in development contracts revenue to SAR 910.50 million.

Development contract revenues improved as the number of ongoing projects increased from 11 to 16, along with high completion rates and an increase in units sold. Revenues from investment funds and joint projects also rose.

On the other hand, general and administrative expenses (G&A) rose to SAR 48.02 million, with selling and marketing expenses also increasing to SAR 18.24 million.

Moreover, Retal’s income from equity accounted investments declined to reach SAR 15.22 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	263.38	463.67	76.0 %
Gross Income	78.28	128.95	64.7 %
Operating Income	53.97	101.71	88.4 %
Net Income	71.01	72.18	1.7 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.14	0.14	1.7 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	500.63	463.67	(7.4 %)
Gross Income	126.85	128.95	1.7 %
Operating Income	87.83	101.71	15.8 %
Net Income	62.28	72.18	15.9 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.12	0.14	15.9 %

The second-quarter net profit grew 2% to SAR 72.2 million, from SAR 71 million in Q2 2023 driven by a 76% leap YoY in topline. Revenues from development contracts surged 98% YoY to SAR 450 million.

Meanwhile, Retal reported a decline in revenue from the sale of land plots and prefabricated units. G&A as well as financing costs increased.

The company’s bottom line jumped 15.9% from SAR 62.2 million in Q1 2024 as G&A declined to SAR 23.19 million. Selling and marketing expenses also decreased to SAR 4.04 million.

Shareholders’ equity, after minority interest, reached SAR 796.97 million by June 30, 2024, compared to SAR 726.95 million in the prior-year period.

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