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Retal net profit rises 27% to SAR 245.7 mln in 2022, Q4 slips to SAR 62.5
Retal Urban Development Co. reported a net profit after Zakat and tax of SAR 245.7 million in 2022, up 27% from SAR 193.3 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,085.32 | 1,106.83 | 2.0 % |
| Gross Income | 245.46 | 303.23 | 23.5 % |
| Operating Income | 181.53 | 224.31 | 23.6 % |
| Net Income | 193.72 | 245.74 | 26.9 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.39 | 0.49 | 26.9 % |
Gross profit grew 21% year-on-year (YoY) and gross profit margin improved to 26.8% from 22.6% in 2021, due to higher profits from sale of residential units and land in 2022.
The company also logged an increase in its share of results of equity accounted investments and gains from investments at fair value and other income, which led to a rise in net profit margin 22.2% in 2022 from 17.8% in the previous year.
Meanwhile, general and administrative (G&A) expenses rose, along with financing expenses that are directly related to the increase in SAIBOR rates.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 471.97 | 291.45 | (38.2 %) |
| Gross Income | 100.35 | 67.92 | (32.3 %) |
| Operating Income | 76.60 | 40.32 | (47.4 %) |
| Net Income | 73.82 | 62.55 | (15.3 %) |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.15 | 0.13 | (15.3 %) |
In Q4 2022, Retal’s net profit fell 15% to SAR 62.5 million, from SAR 73.4 million in Q4 2021.
Sequentially, Q4 net profit dropped from SAR 89.76 million.
Shareholders’ equity, after minority interest, amounted to SAR 734.4 million as of Dec. 31, 2022, compared to SAR 568.77 million the previous year.
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Share Price
Retal Urban Development Co. (RETAL)
| Current | |
| Market Cap (M Riyal) | 8,040.00 |
| Enterprise Value (EV) (M) | 8,552.40 |
| Shares Outstanding ((M)) | 500.00 |
| EPS ( Riyal) (TTM) | 0.46 |
| Book Value (BV) ( Riyal) | 1.51 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 34.83 |
| P/E (TTM) | 34.83 |
| Price/book | 10.65 |
| Return on Average Assets (%) (TTM) | 6.3 |
| Return on Average Equity (%) (TTM) | 32.0 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 275.16 | 27.4 % | 77.39 | 51.6 % | 59.96 | 48.9 % |
| Q2 2022 | 134.15 | (15.8 %) | 40.80 | 2.2 % | 25.11 | (11.6 %) |
| Q3 2022 | 406.07 | 70.6 % | 117.12 | 116.4 % | 98.91 | 172.8 % |
| Q4 2022 | 291.45 | (38.2 %) | 67.92 | (32.3 %) | 40.32 | (47.4 %) |
| 2022 | 1,106.83 | 2.0 % | 303.23 | 23.5 % | 224.31 | 23.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 63.44 | 61.6 % | 0.13 | - | 63.44 | 0.13 |
| Q2 2022 | 30.03 | (33.9 %) | 0.06 | - | 30.03 | 0.06 |
| Q3 2022 | 89.76 | 154.9 % | 0.18 | - | 89.76 | 0.18 |
| Q4 2022 | 62.55 | (15.3 %) | 0.13 | - | 62.55 | 0.13 |
| 2022 | 245.74 | 26.9 % | 0.49 | - | 245.74 | 0.49 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 23.75 % | 18.88 % | 17.82 % |
| Q2 2022 | 24.36 % | 18.98 % | 17.89 % |
| Q3 2022 | 26.07 % | 21.40 % | 20.05 % |
| Q4 2022 | 27.40 % | 21.52 % | 22.21 % |
| 2022 | 27.40 % | 21.52 % | 22.20 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 500.00 | 0.44 | 0.41 | 1.26 |
| Q2 2022 | 500.00 | 0.41 | 0.40 | 1.32 |
| Q3 2022 | 500.00 | 0.51 | 0.52 | 1.34 |
| Q4 2022 | 500.00 | 0.49 | 0.49 | 1.47 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | 24.30 | 24.57 | 7.43 |
| Q3 2022 | 22.00 | 21.92 | 8.42 |
| Q4 2022 | 20.12 | 20.12 | 6.73 |
Business Segments (Million)
Q4 2022
| Period | Development | investment | Other | Eliminations |
|---|---|---|---|---|
| Q1 2022 | 205.44 | 62.11 | 7.61 | - |
| Q2 2022 | 90.93 | 28.06 | 16.73 | (0.82) |
| Q3 2022 | 356.35 | 35.86 | 12.93 | 0.92 |
| Q4 2022 | 253.39 | 30.77 | 8.73 | (1.44) |
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