View Real Estate net profit rises 7% to SAR 18.2M in 2023

27/03/2024 Argaam Exclusive

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View United Real Estate Development Co. reported a net profit of SAR 18.2 million for 2023, a 7% growth from SAR 17 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	87.62	90.72	3.5 %
Gross Income	19.51	25.88	32.7 %
Operating Income	13.50	19.44	44.0 %
Net Income	17.01	18.22	7.1 %
Average Shares	2.20	3.30	50.0 %
EPS (Riyals)	7.73	5.52	(28.6 %)

The improved results were fueled by improved operating performance and lower cost of revenue due to a decline in direct costs on projects. This was offset by higher general and administrative expenses (G&As).

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	51.14	49.44	(3.3 %)
Gross Income	16.95	17.21	1.5 %
Operating Income	13.23	14.54	9.9 %
Net Income	16.64	14.41	(13.4 %)
Average Shares	2.20	3.30	50.0 %
EPS (Riyals)	7.56	4.37	(42.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	41.28	49.44	19.8 %
Gross Income	8.66	17.21	98.6 %
Operating Income	4.90	14.54	196.8 %
Net Income	3.81	14.41	278.3 %
Average Shares	3.00	3.30	10.0 %
EPS (Riyals)	1.27	4.37	243.9 %

Total shareholders’ equity, no minority interest, stood at SAR 66.04 million by Dec. 31, 2023, compared to SAR 21.79 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2022	36.48	0.37	0.17
H2 2022	51.14	16.64	5.55
H1 2023	41.28	3.81	1.27
H2 2023	49.44	14.41	4.42

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