Retal’s 9M 2022 net profit up 53% to SAR 183.2 mln; Q3 at SAR 89.8 mln
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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)
| 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 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 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 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)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | 24.30 | 24.57 | 7.43 |
| Q3 2022 | 22.00 | 21.92 | 8.42 |
Business Segments (Million)
Q3 2022
| Period | Development | investment | Other | Eliminations |
|---|---|---|---|---|
| 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) | 8,910.00 |
| Enterprise Value (EV) (M) | 9,422.40 |
| 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) | 38.60 |
| P/E (TTM) | 38.60 |
| Price/book | 11.80 |
| Return on Average Assets (%) (TTM) | 6.3 |
| Return on Average Equity (%) (TTM) | 32.0 |
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