Retal’s 2023 profit dips 18% to SAR 202.4M; Q4 at SAR 56.4M

Retal Urban Development Co. posted an 18% drop in its 2023 net profit to SAR 202.4 million, compared to SAR 245.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,106.83	1,367.13	23.5 %
Gross Income	303.23	379.29	25.1 %
Operating Income	224.31	245.07	9.3 %
Net Income	245.74	202.35	(17.7 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.49	0.40	(17.7 %)

The annual net profit was hurt by a drop of 84% year-on-year (YoY) in revenues from sale of real estate units/land to SAR 59.42 million, despite an 83% YoY rise in revenues from development contracts to SAR 1.27 billion amid an increase in the number of ongoing projects, units sold and completion rates.

General and administrative expenses increased to SAR 87 million.

Selling and marketing expenses rose to SAR 47 million.

Retal also reported higher finance costs to SAR 99.85 million on higher SAIBOR rates.

On the other hand, the company’s full-year topline rose 23.5% YoY to SAR 1.36 billion, backed by an 83% YoY surge in revenues from development contracts.

Retal recorded its highest revenues on record since inception, thanks to development contracts amid the increased number of ongoing projects, sold units and completion rates, along with an increase in its profit share in equity accounted investments.

The fourth-quarter net profit dropped 10% to SAR 56.4 million from SAR 62.5 million in Q4 2022.

Compared to the previous quarter, the real estate developer’s profit jumped 68.6% from SAR 33.4 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	291.45	448.15	53.8 %
Gross Income	67.92	133.75	96.9 %
Operating Income	40.32	83.75	107.7 %
Net Income	62.55	56.37	(9.9 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.13	0.11	(9.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	335.99	448.15	33.4 %
Gross Income	91.68	133.75	45.9 %
Operating Income	56.26	83.75	48.9 %
Net Income	33.44	56.37	68.6 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.07	0.11	68.6 %

Total shareholders’ equity, after minority interest, increased to SAR 745.51 million as of Dec. 31, 2023, from SAR 734.41 million a year earlier.

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Share Price

Retal Urban Development Co. (RETAL)

	Current
Market Cap (M USD)	7,790.00
Enterprise Value (EV) (M)	8,302.40
Shares Outstanding ((M))	500.00
EPS ( USD) (TTM)	0.46
Book Value (BV) ( USD)	1.51
Par Value ( USD)	1.00
Adjusted P/E (Last12)	33.74
P/E (TTM)	33.74
Price/book	10.32
Return on Average Assets (%) (TTM)	6.3
Return on Average Equity (%) (TTM)	32.0

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	257.63	-	59.83	-	43.86	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	209.01	(18.9 %)	30.64	(48.8 %)	5.29	(88.0 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	456.54	118.4 %	77.40	152.6 %	47.87	805.8 %
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	-
2020	587.45	28.7 %	124.31	60.6 %	90.42	88.9 %
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 %
2021	1,085.32	84.8 %	245.46	97.5 %	181.53	100.8 %
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 %
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 %
Q1 2023	319.60	16.2 %	75.58	(2.3 %)	51.08	(14.8 %)
Q2 2023	263.38	96.3 %	78.28	91.9 %	53.97	114.9 %
Q3 2023	335.99	(17.3 %)	91.68	(21.7 %)	56.26	(43.1 %)
Q4 2023	448.15	53.8 %	133.75	96.9 %	83.75	107.7 %
2023	1,367.13	23.5 %	379.29	25.1 %	245.07	9.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	257.63	-	59.83	-	43.86	-
2018	209.01	(18.9 %)	30.64	(48.8 %)	5.29	(88.0 %)
2019	456.54	118.4 %	77.40	152.6 %	47.87	805.8 %
2020	587.45	28.7 %	124.31	60.6 %	90.42	88.9 %
2021	1,085.32	84.8 %	245.46	97.5 %	181.53	100.8 %
2022	1,106.83	2.0 %	303.23	23.5 %	224.31	23.6 %
2023	1,367.13	23.5 %	379.29	25.1 %	245.07	9.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	27.26	-	0.05	(9.33)	36.59	0.07
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	2.74	(90.0 %)	0.01	-	2.74	0.01
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	59.69	2079.3 %	0.12	-	59.69	0.12
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
2020	98.63	65.2 %	0.20	-	98.63	0.20
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
2021	193.72	96.4 %	0.39	13.94	179.78	0.36
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
Q1 2023	41.54	(34.5 %)	0.08	-	41.54	0.08
Q2 2023	71.01	136.4 %	0.14	-	71.01	0.14
Q3 2023	33.44	(62.7 %)	0.07	-	33.44	0.07
Q4 2023	56.37	(9.9 %)	0.11	-	56.37	0.11
2023	202.35	(17.7 %)	0.40	-	202.35	0.40

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	27.26	-	0.05	(9.33)	36.59	0.07
2018	2.74	(90.0 %)	0.01	-	2.74	0.01
2019	59.69	2079.3 %	0.12	-	59.69	0.12
2020	98.63	65.2 %	0.20	-	98.63	0.20
2021	193.72	96.4 %	0.39	13.94	179.78	0.36
2022	245.74	26.9 %	0.49	-	245.74	0.49
2023	202.35	(17.7 %)	0.40	-	202.35	0.40

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	23.22 %	18.13 %	14.20 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	14.66 %	3.36 %	1.31 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	16.95 %	12.55 %	13.07 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	21.16 %	17.51 %	16.79 %
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 %
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 %
Q4 2022	27.40 %	21.52 %	22.21 %
2022	27.40 %	21.52 %	22.20 %
Q1 2023	26.18 %	19.80 %	19.45 %
Q2 2023	26.47 %	19.94 %	20.68 %
Q3 2023	25.90 %	17.56 %	17.23 %
Q4 2023	27.74 %	18.86 %	14.80 %
2023	27.74 %	18.86 %	14.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	23.22 %	18.13 %	14.20 %
2018	14.66 %	3.36 %	1.31 %
2019	16.95 %	12.55 %	13.07 %
2020	21.16 %	17.51 %	16.79 %
2021	22.62 %	18.05 %	16.57 %
2022	27.40 %	21.52 %	22.20 %
2023	27.74 %	18.86 %	14.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	22.13 %	11.49 %	3.45 %
Q2 2020	15.49 %	11.11 %	22.61 %
Q3 2020	17.19 %	11.99 %	12.03 %
Q4 2020	25.13 %	24.67 %	20.92 %
Q1 2021	23.63 %	20.05 %	18.17 %
Q2 2021	25.07 %	20.40 %	21.20 %
Q3 2021	22.74 %	16.67 %	13.40 %
Q4 2021	21.26 %	17.03 %	15.86 %
Q1 2022	28.13 %	23.09 %	23.06 %
Q2 2022	30.41 %	21.53 %	22.39 %
Q3 2022	28.84 %	25.30 %	22.10 %
Q4 2022	23.30 %	14.76 %	21.46 %
Q1 2023	23.65 %	16.68 %	13.00 %
Q2 2023	29.72 %	21.36 %	26.96 %
Q3 2023	27.29 %	17.86 %	9.95 %
Q4 2023	29.85 %	19.70 %	12.58 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	500.00	0.49	0.49	1.47
Q1 2023	500.00	0.45	0.45	1.55
Q2 2023	500.00	0.53	0.53	1.45
Q3 2023	500.00	0.42	0.42	1.38
Q4 2023	500.00	0.40	0.40	1.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	500.00	0.05	0.07	0.27
2018	500.00	0.01	0.01	0.26
2019	500.00	0.12	0.12	0.69
2020	500.00	0.20	0.20	1.04
2021	500.00	0.39	0.36	1.14
2022	500.00	0.49	0.49	1.47
2023	500.00	0.40	0.40	1.49

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	20.12	20.12	6.73
Q1 2023	21.19	21.19	6.11
Q2 2023	17.19	17.19	6.26
Q3 2023	21.39	21.39	6.48
Q4 2023	21.05	21.05	5.74

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	20.12	20.12	6.73
2023	21.05	21.05	5.74

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
Q4 2022	253.39	30.77	8.73	(1.44)
Q1 2023	308.10	2.60	13.82	(4.92)
Q2 2023	234.06	15.70	15.03	(1.42)
Q3 2023	327.64	-	12.58	(4.23)
Q4 2023	429.22	9.72	15.55	(6.34)

Period	Development	investment	Other	Eliminations
2021	1,060.19	-	25.13	-
2022	906.11	156.81	46.01	(2.09)
2023	1,305.36	24.77	53.89	(16.90)

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	35.00	56.37	61.05 %

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
GIB Capital	35.00	56.37	61.1 %

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Retal’s 2023 profit dips 18% to SAR 202.4M; Q4 at SAR 56.4M

Financials (M)

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Retal Urban Development Co. (RETAL)

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Retal’s 2023 profit dips 18% to SAR 202.4M; Q4 at SAR 56.4M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Retal Urban Development Co. (RETAL)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

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