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Retal’s 2021 net profit soars 96% to SAR 193.7 mln; Q4 at SAR 73.8 mln
Retal Urban Development Co., which will list soon on Saudi Exchange (Tadawul), reported a 96% surge in 2021 net profit to SAR 193.7 million, compared to a net profit of SAR 98.6 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 587.45 | 1,085.32 | 84.8 % |
| Gross Income | 124.31 | 245.46 | 97.5 % |
| Operating Income | 90.42 | 181.53 | 100.8 % |
| Net Income | 98.63 | 193.72 | 96.4 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.20 | 0.39 | 96.4 % |
The profit rise was spurred by revenue, which soared 85% year-on-year (YoY) in 2021. Retal reported one-off profit of SAR 13.9 million on the disposal of an affiliate.
On the other hand, the real estate developer incurred impairment provisions of SAR 4.8 million. It also reported higher finance costs and Zakat charges.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 266.20 | 471.97 | 77.3 % |
| Gross Income | 66.89 | 100.35 | 50.0 % |
| Operating Income | 59.92 | 76.60 | 27.8 % |
| Net Income | 55.70 | 73.82 | 32.5 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.11 | 0.15 | 32.5 % |
In Q4 2021, Retal’s net profit grew by 32.5% to SAR 73.8 million, from SAR 55.70 million in Q4 2020, thanks to a 77% YoY rise in revenue.
Sequentially, net profit more than doubled from SAR 35.12 million on 98% revenue growth.
Shareholders’ equity, after minority interest, increased to SAR 568.77 million in 2021, compared to SAR 518.97 million a year earlier.
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Share Price
Retal Urban Development Co. (RETAL)
| Current | |
| Market Cap (M Riyal) | 7,750.00 |
| Enterprise Value (EV) (M) | 8,262.40 |
| 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) | 33.57 |
| P/E (TTM) | 33.57 |
| Price/book | 10.27 |
| 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 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Development | 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 |
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