Retal Q1 net profit up 50% to SAR 62.3M

Retal Urban Development Co. reported a net profit of SAR 62.3 million in Q1 2024, an increase of 50% from SAR 41.5 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	319.60	500.63	56.6 %
Gross Income	75.58	126.85	67.8 %
Operating Income	51.08	87.83	71.9 %
Net Income	41.54	62.28	49.9 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.08	0.12	49.9 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	448.15	500.63	11.7 %
Gross Income	133.75	126.85	(5.2 %)
Operating Income	83.75	87.83	4.9 %
Net Income	56.37	62.28	10.5 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.11	0.12	10.5 %

The annual net profit increased due to a rise in development contracts revenue by 58% to reach SAR 460 million. This rise is driven by the increase in the under-development projects from eight to 16, and an increase in completion rates of all projects. In addition, Retal’s revenue rose due to an increase in investment funds and joint projects revenues, as well as a surge in unit sales revenue by 76% to reach SAR 33.46 million.

The company’s share in equity accounted investments rose to SAR 8.43 million in Q1 2024. Moreover, income from investments at fair value rose to SAR 2.42 million.

This came despite an increase in general, administrative, selling, marketing, and financing expenses.

The first-quarter net profit rose 10.5% from SAR 56.37 million, on 7% higher development contracts revenue, amounting to SAR 460 million, lower operating expenses and higher profit from investments at fair value amounting to SAR 2.42 million.

Total shareholders’ equity, excluding minority interest, stood at SAR 724.79 million in Q1 2024, compared to SAR 775.94 million in a prior-year period.

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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 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 %
Q1 2024	500.63	56.6 %	126.85	67.8 %	87.83	71.9 %

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 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
Q1 2024	62.28	49.9 %	0.12	-	62.28	0.12

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 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 %
Q1 2024	27.81 %	19.19 %	14.41 %

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 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 %
Q1 2024	25.34 %	18.48 %	12.44 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2024	500.00	0.45	0.45	1.45

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 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
Q1 2024	21.31	21.31	6.56

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)
Q1 2024	463.39	31.33	9.09	(3.18)

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	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	47.00	62.28	32.50 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
GIB Capital	47.00	62.28	32.5 %

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Retal Q1 net profit up 50% to SAR 62.3M

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Retal Urban Development Co. (RETAL)

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Retal Q1 net profit up 50% to SAR 62.3M

Current Quarter Comparison (M)

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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