View Real Estate H1 2023 net profit surge to SAR 3.8 mln

26/10/2023 Argaam Exclusive

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Net profit of View Limited Real Estate Development Co., poised to list on Nomu-Parallel Market, rose to SAR 3.8 million in the first six months of 2023, from SAR 371,500 a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	36.48	41.28	13.2 %
Gross Income	2.55	8.66	239.2 %
Operating Income	0.27	4.90	1731.8 %
Net Income	0.37	3.81	925.3 %
Average Shares	2.20	3.00	36.4 %
EPS (Riyals)	0.17	1.27	651.9 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	36.48	41.28	13.2 %
Gross Income	2.55	8.66	239.2 %
Operating Income	0.27	4.90	1731.8 %
Net Income	0.37	3.81	925.3 %
Average Shares	2.20	3.00	36.4 %
EPS (Riyals)	0.17	1.27	651.9 %

Item	H2 2022	H1 2023	Change‬
Revenues	51.14	41.28	(19.3 %)
Gross Income	16.95	8.66	(48.9 %)
Operating Income	13.23	4.90	(63.0 %)
Net Income	16.64	3.81	(77.1 %)
Average Shares	2.20	3.00	36.4 %
EPS (Riyals)	7.56	1.27	(83.2 %)

Revenues for the current period increased to SAR 41.3 million compared to SAR 36.5 million in H1 2022. This was due to a SAR 5.6 million surge in revenues from commissions of the sale of developed real estate properties.

The gross profit margin grew to 21% in H1 2023 from 7% a year earlier. Further, the operating profit margin jumped to 12% during the first half of 20233 from 1% in H1 2022, despite higher operating expenses.

On the other hand, financing expenses surged to SAR 575,600 in H1 2023, compared to SAR 50,500 in the same period last year. Zakat expenses also inched up to SAR 750,300 during the current period from SAR 165,800 in H1 2022.

Total shareholders’ equity, with no minority interest, stood at SAR 34.11 million by the end of H1 2023, compared to SAR 6 million in the year-earlier period.

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