‎“Retal” profits up to SR246 mln during 2022, by 27%‎

Retal Urban Development Company revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 245.7 million riyals, compared to 193.3 million riyals in the previous year, at a rate of 27.1%. This came after today’s announcement of the annual financial results ending in 2022. -12-31.

The operational profit amounted to 218.2 million riyals during the year ending on December 31, 2022, compared to 181.5 million riyals in the previous year, an increase of 20.2%.

The total shareholders’ equity “without minority rights” amounted to 734.4 million riyals in the current year, compared to 568.8 million riyals in the previous year, with a growth of 29%.

Earnings per share in the current year reached 6.14 riyals, compared to 4.52 riyals in the previous year.

– The net profit amounted to 245.7 million Saudi riyals, recording the highest profit in the history of the company, compared to 193.3 million riyals in the previous year, as the net profit grew by 27%, due to the increase in gross profit by 21% in addition to An improvement in the gross profit margin ratio for the year 2022, which amounted to 26.8%, compared to a gross profit margin of 22.6% in the previous year, as a result of the increase in profits related to the sale of residential units and lands during the year 2022 AD.

It is worth noting that the company recorded an increase in administrative and general expenses and financing expenses that are directly related to the increase in SIBOR rates (the interest rate between Saudi banks). It also recorded an increase in profits resulting from the company’s share in the returns of investments that are accounted for. By the equity method, the profits resulting from the sale of investments at fair value and other income, which was reflected in the improvement of the net profit margin rate, which amounted to 22.2% in 2022, compared to 17.8% in the previous year.

Additional information:

Earnings per share have been adjusted after increasing the company’s capital from 375 million Saudi riyals to 400 million Saudi riyals, which was approved by the company’s extraordinary general assembly, which was held on May 31, 2021.