View Real Estate profit up 13% to SAR 4.3M in H1 2024

13/08/2024 Argaam Exclusive

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View United Real Estate Development Co. reported a net profit of SAR 4.3 million for the first six months of 2024, a 13% rise from SAR 3.8 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	41.28	30.40	(26.4 %)
Gross Income	8.66	7.71	(11.0 %)
Operating Income	4.90	3.60	(26.4 %)
Net Income	3.81	4.30	12.8 %
Average Shares	3.00	3.30	10.0 %
EPS (Riyals)	1.27	1.30	2.6 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	41.28	30.40	(26.4 %)
Gross Income	8.66	7.71	(11.0 %)
Operating Income	4.90	3.60	(26.4 %)
Net Income	3.81	4.30	12.8 %
Average Shares	3.00	3.30	10.0 %
EPS (Riyals)	1.27	1.30	2.6 %

Item	H2 2023	H1 2024	Change‬
Revenues	49.44	30.40	(38.5 %)
Gross Income	17.21	7.71	(55.2 %)
Operating Income	14.54	3.60	(75.2 %)
Net Income	14.41	4.30	(70.2 %)
Average Shares	3.30	3.30	-
EPS (Riyals)	4.37	1.30	(70.2 %)

The profit growth was supported by lower financing charges. However, the company posted lower revenues from contracting business due to completion of some projects.

Total shareholders’ equity, no minority interest, stood at SAR 60.38 million as of June 30, 2024, compared to SAR 34.11 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR)
H1 2022	36.48	0.37	0.17
H2 2022	51.14	16.64	7.56
H1 2023	41.28	3.81	1.27
H2 2023	49.44	14.41	4.37
H1 2024	30.40	4.29	1.30

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