Retal’s 9M 2022 net profit up 53% to SAR 183.2 mln; Q3 at SAR 89.8 mln

Retal’s 9M 2022 net profit up 53% to SAR 183.2 mln; Q3 at SAR 89.8 mln

26/10/2022 Argaam Exclusive

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Retal Urban Development Co. reported a net profit after Zakat and tax of SAR 183.2 million in the first nine months of 2022, an increase of 53% from SAR 119.8 million a year earlier.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 613.35 815.38 32.9 %
Gross Income 145.11 235.31 62.2 %
Operating Income 104.93 183.98 75.3 %
Net Income 119.90 183.20 52.8 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.24 0.37 52.8 %

The real estate developer reported a rise of 33% year-on-year (YoY) in revenue. Gross profit margins expanded to 28%, compared to 24% in the same period of 2021. The gross profit growth rate reached 58%, on an increase in profits from the sale of real estate units and lands in the current period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 238.01 406.07 70.6 %
Gross Income 54.13 117.12 116.4 %
Operating Income 36.26 98.91 172.8 %
Net Income 35.21 89.76 154.9 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.07 0.18 154.9 %

In Q3 2022, net profit after Zakat and tax more than doubled to SAR 89.8 million, compared to SAR 35.12 million in Q3 2021. Revenue recorded 71% YoY growth. Gross profit margins rose to 28%, compared to 23% in the same period of 2021. The gross profit growth rate improved by 113% , on an increase in profits from the sale of real estate units and lands in the current period.

 

Compared to Q2 2022, net profit skyrocketed 198.8% from SAR 30.04 million. 

 

Total shareholders’ equity, excluding minority interest, stood at SAR 671.72 million by the end of September 2022, up from SAR 563.69 million in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 81.07 - 17.94 - 6.61 -
Q2 2020 106.38 - 16.48 - 9.21 -
Q3 2020 133.81 - 23.00 - 14.67 -
Q4 2020 266.20 - 66.89 - 59.92 -
Q1 2021 216.03 166.5 % 51.04 184.6 % 40.26 508.8 %
Q2 2021 159.31 49.8 % 39.94 142.4 % 28.41 208.3 %
Q3 2021 238.01 77.9 % 54.13 135.3 % 36.26 147.2 %
Q4 2021 471.97 77.3 % 100.35 50.0 % 76.60 27.8 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 2.79 - 0.01 - 2.79 0.01
Q2 2020 24.05 - 0.05 - 24.05 0.05
Q3 2020 16.10 - 0.03 - 16.10 0.03
Q4 2020 55.70 - 0.11 - 55.70 0.11
Q1 2021 39.26 1305.5 % 0.08 - 39.26 0.08
Q2 2021 45.43 88.9 % 0.09 11.65 33.78 0.07
Q3 2021 35.21 118.7 % 0.07 3.31 31.90 0.06
Q4 2021 73.82 32.5 % 0.15 (1.03) 74.85 0.15
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 21.16 % 17.51 % 16.79 %
Q1 2021 21.79 % 18.94 % 18.70 %
Q2 2021 23.33 % 20.32 % 18.68 %
Q3 2021 24.10 % 20.60 % 18.26 %
Q4 2021 22.62 % 18.05 % 16.57 %
Q1 2022 23.75 % 18.88 % 17.82 %
Q2 2022 24.36 % 18.98 % 17.89 %
Q3 2022 26.07 % 21.40 % 20.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 500.00 - - -
Q2 2020 500.00 - - -
Q3 2020 500.00 - - -
Q4 2020 500.00 0.20 0.20 1.04
Q1 2021 500.00 0.27 0.27 1.13
Q2 2021 500.00 0.31 0.29 1.06
Q3 2021 500.00 0.35 0.32 1.13
Q4 2021 500.00 0.39 0.36 1.14
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 24.30 24.57 7.43
Q3 2022 22.00 21.92 8.42

Business Segments (Million)

Compared With The
Period Development investment Other Eliminations
Q1 2021 324.82 - 7.30 (116.09)
Q2 2021 36.43 - 7.34 115.55
Q3 2021 229.38 - 10.19 (1.56)
Q4 2021 469.56 - 0.31 2.11
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

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

Share Price

16.08
(0.24) (1.47 %)

Retal Urban Development Co. (RETAL)


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