Retal 2024 Profit Rises 31% to SAR 266 Million

Saudi Arabia’s Retal Urban Development Co. reported a 31% rise in net profit to SAR 266 million for 2024, up from SAR 202 million in the previous year, according to preliminary financial results for the period ending Dec. 31, 2024.

Operating profit surged 39% to SAR 340 million from SAR 245 million in 2023, while shareholders’ equity, excluding non-controlling interests, rose 12% to SAR 834 million from SAR 743 million.

Earnings per share increased to SAR 0.53 from SAR 0.40 a year earlier.

In a statement to Tadawul, the company said annual revenue grew 51% to its highest level since inception, driven by a 56% increase in development contract revenue, which reached SAR 1.98 billion.

The rise in development revenue was attributed to:

• Higher unit sales;
• An increase in ongoing projects from 12 to 17;
• Higher completion rates for ongoing projects; and
• Growth in development revenue from real estate funds and joint ventures.