Retal H1 net profit up 20% to SAR 112.5 mln; Q2 at SAR 71 mln

01/08/2023 Argaam Exclusive

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Retal Urban Development Co. reported a net profit of SAR 112.5 million in H1 2023, an increase of 20% from SAR 93.5 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	409.31	582.99	42.4 %
Gross Income	118.19	153.86	30.2 %
Operating Income	85.07	105.06	23.5 %
Net Income	93.48	112.55	20.4 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.19	0.23	20.4 %

The profit increase was driven by a 42.4% growth in revenue to SAR 583 million compared to SAR 409.3 million a year ago, driven by a rise of 85.3% year-on-year (YoY) from development contracts.

Gross profit rose 30.2% YoY to SAR 153.9 million due to more under-development projects. In addition, Retal’s share in equity accounted investments rose to SAR 41.3 million in H1 2023, compared to SAR 9.2 million in H1 2022.

However, Retal reported higher general and administrative expenses, selling and marketing expenses and financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	134.15	263.38	96.3 %
Gross Income	40.80	78.28	91.9 %
Operating Income	25.11	53.97	114.9 %
Net Income	30.03	71.01	136.4 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.06	0.14	136.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	319.60	263.38	(17.6 %)
Gross Income	75.58	78.28	3.6 %
Operating Income	51.08	53.97	5.7 %
Net Income	41.54	71.01	70.9 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.08	0.14	70.9 %

The company’s net profit surged 136.4% in Q2 2023 to SAR 71 million from SAR 30.03 million a year earlier, as revenue surged 96.3% YoY to SAR 263.4 million. Gross profit leapt 91.9% YoY. The company’s share in equity accounted investments grew to SAR 40.8 million in Q2 2023.

On a quarterly basis, net earnings rose by 70.9% from SAR 41.5 million in Q1 2023, backed by higher gross profit as well as lower selling and marketing expenses.

Total shareholders’ equity, excluding minority interest, stood at SAR 726.85 million as of June 30, 2023, compared to SAR 662.4 million in a prior-year period.

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Financial results (Million)

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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %

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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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

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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %

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 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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

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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	20.12	20.12	6.73

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)

Period	Development	investment	Other	Eliminations
2021	1,060.19	-	25.13	-
2022	906.11	156.81	46.01	(2.09)

Financial Ratios

	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

Retal Urban Development Co. (RETAL)

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Retal H1 net profit up 20% to SAR 112.5 mln; Q2 at SAR 71 mln

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Retal Urban Development Co. (RETAL)

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Retal H1 net profit up 20% to SAR 112.5 mln; Q2 at SAR 71 mln

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Financials (M)

Current Quarter Comparison (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Retal Urban Development Co. (RETAL)

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Business Segments (Million)