Element List Current Period Similar period for previous year %Change
Sales/Revenue 1,206.1 1,055.5 14.268
Gross Profit (Loss) 228.2 236.4 -3.468
Operational Profit (Loss) 127.7 157.4 -18.869
Net Profit (Loss) Attributable to Shareholders of the Issuer 42 134.3 -68.726
Total Comprehensive Income Attributable to Shareholders of the Issuer 43.9 134.3 -67.311
Total Shareholders Equity (after Deducting Minority Equity) 1,058.4 910.4 16.256
Profit (Loss) per Share 0.08 0.27
All figures are in (Millions) Saudi Arabia, Riyals
 
Element List Amount Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
All figures are in (Millions) Saudi Arabia, Riyals
 
Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is Revenue increased to SAR 628.7 million during the current quarter, compared to SAR 488.4 million in the corresponding quarter of the previous year, representing a growth of 28.7%.

 

 

This was mainly due to a 30% growth in revenue from development contracts, driven by higher completion rates for ongoing projects as well as the commencement of new projects during the current quarter.

 

The increase in revenue was achieved despite slower sales pace and changes in the sales and revenue mix of the ongoing projects, which impacted the profitability margins compared to the corresponding quarter of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The Company reported a net loss attributable to shareholders of SAR (17.2) million in the current quarter, compared to a net profit of SAR 66.1 million in the corresponding quarter of the previous year.

 

 

This was mainly due to the following:

 

- A slower sales pace across ongoing projects, which resulted in lower gross profit.

 

- Higher operating expenses, mainly driven by business development expenses associated with strategic real estate opportunities, as well as increased sales and marketing expenses resulting from the Company's participation in real estate conferences, exhibitions, and marketing events.

 

- A decline in the Company's share of results from equity accounted for investments during the current quarter.

 

- Higher cost of revenues due to the recognition of costs associated with the final stages of completion of a number of projects.

 

- The recognition of a gain of SAR 32.7 million during the corresponding quarter of the previous year arising from the sale of a portion of the Company's owned units in a real estate fund.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Revenue increased to SAR 628.7 million during the current quarter, compared to SAR 577.4 million in the previous quarter, representing a growth of 8.9%.

 

 

This growth was mainly due to an increase of 8.7% in revenue from development contracts, driven by higher completion rates across ongoing projects during the current quarter compared to the previous quarter, despite lower revenues recognized from real estate funds compared to the previous quarter.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The Company reported a net loss attributable to shareholders of SAR 17.2 million during the current quarter, compared to a net profit of SAR 59.3 million in the previous quarter.

 

 

This was mainly due to the following:

 

- Lower revenues were recognized from real estate funds compared to the previous quarter, following the completion of one of the Company's real estate funds during the previous quarter.

 

- Higher operating expenses, mainly driven by business development expenses associated with strategic real estate opportunities, as well as increased sales and marketing expenses resulting from the Company's participation in real estate conferences, exhibitions, and marketing events.

 

- A decline in the Company's share of results from equity accounted for investments during the current quarter.

 

- Higher cost of revenues due to the recognition of costs associated with the final stages of completion of several projects compared to the previous quarter.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is Revenue increased to SAR 1,206.1 million during the current period, compared to SAR 1,055.5 million in the corresponding period of the previous year, representing a growth of 14.27%.

 

 

This growth was mainly due to a 15% increase in revenue from development contracts, driven by higher completion rates across ongoing projects and the commencement of new projects during the current period compared to the corresponding period of the previous year.

 

The increase in revenue was achieved despite slower sales pace and changes in the sales and revenue mix of the ongoing projects, which impacted the profitability margins compared to the corresponding period of the previous year.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit attributable to shareholders amounted to SAR 42.0 million during the current period, compared to SAR 134.3 million in the corresponding period of the previous year, representing a decline of 68.7%.

 

 

This was mainly due to the following:

 

- Changes in the sales and revenue mix of ongoing projects, which impacted on the profitability profile compared to the corresponding period of the previous year.

 

- Higher cost of revenues due to the recognition of costs associated with the final stages of completion of a number of projects.

 

- Higher operating expenses, mainly driven by business development costs associated with strategic real estate opportunities, as well as increased sales and marketing expenses resulting from the Company's participation in real estate conferences, exhibitions, and marketing events.

 

- A decline in the Company's share of results from equity accounted for investments during the period.

 

- The recognition of a gain of SAR 32.7 million during the corresponding period of the previous year arising from the sale of a portion of the Company's owned units in a real estate fund.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None.
Reclassification of Comparison Items Some comparative figures have been reclassified to conform with the current presentation.
Additional Information For any inquiries, please contact Investor Relations Department at:

 

 

+966138013803

 

or by e-mail:

 

IR@retal.com.sa

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