Retal profit up 19% to SAR 174.5M in 9M 2024; Q3 at SAR 40M

30/10/2024 Argaam Exclusive

View other reports

Retal Urban Development Co. reported a net profit jump of 19% to SAR 174.5 million in the first nine months of 2024 from SAR 146 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	918.98	1,474.73	60.5 %
Gross Income	245.53	365.78	49.0 %
Operating Income	161.32	262.37	62.6 %
Net Income	145.98	174.49	19.5 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.29	0.35	19.5 %

Retal reported a 68% hike in development contract revenues, reaching SAR 1.4 billion—a record high for the company. This growth was driven by an increase in active projects, from 11 to 16, and higher completion rates for ongoing developments.

In addition, the firm witnessed an increase in revenues from the development of REITs and joint ventures.

Meanwhile, Retal reported an increase in general and administrative expenses to SAR 76.82 million, alongside higher sales and marketing costs at SAR 26.59 million and a rise in financing expenses to SAR 92.24 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	335.99	510.43	51.9 %
Gross Income	91.68	109.98	20.0 %
Operating Income	56.26	72.83	29.5 %
Net Income	33.44	40.03	19.7 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.07	0.08	19.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	463.67	510.43	10.1 %
Gross Income	128.95	109.98	(14.7 %)
Operating Income	101.71	72.83	(28.4 %)
Net Income	72.18	40.03	(44.5 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.14	0.08	(44.5 %)

The third-quarter net profit grew 20% to SAR 40 million, from SAR 33.4 million in Q3 2023, mainly due to a 56% leap in development contract revenues.

The company’s bottom line dropped 44.5% from SAR 72.18 million in Q2 2024.

Shareholders’ equity, after minority interest, reached SAR 754.93 million by Sept. 30, 2024, compared to SAR 688.55 million in the prior-year period.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×