Retal profit jumps 32% to SAR 266.1M in 2024; Q4 at SAR 91.6M

02/03/2025 Argaam Exclusive

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Retal Urban Development Co. reported a net profit of SAR 266.1 million in 2024, an increase of 32% compared to SAR 202.4 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,367.13	2,063.21	50.9 %
Gross Income	379.29	499.66	31.7 %
Operating Income	245.07	340.23	38.8 %
Net Income	202.35	266.13	31.5 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items	0.40	0.53	31.5 %
EPS (Riyals)	0.40	0.53	31.5 %

Revenues increased by 51% year-on-year (YoY) to its highest annual level since inception on a 56% increase YoY in revenue from the development contracts. This was driven by an increase in the number of units sold, growth in ongoing projects from 12 to 17 projects, higher completion rates in the ongoing projects and rising revenue from real estate funds and joint ventures.

The company also cited a 32% increase YoY in gross profit to SAR 499.65 million, and higher profit shares in the equity accounted investments.

This came despite the increase in general and administrative expenses and higher finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	448.15	588.48	31.3 %
Gross Income	133.75	133.88	0.1 %
Operating Income	83.75	77.86	(7.0 %)
Net Income	56.37	91.64	62.6 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items	0.11	0.18	62.6 %
EPS (Riyals)	0.11	0.18	62.6 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	510.43	588.48	15.3 %
Gross Income	109.98	133.88	21.7 %
Operating Income	72.83	77.86	6.9 %
Net Income	40.03	91.64	128.9 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items	0.08	0.18	128.9 %
EPS (Riyals)	0.08	0.18	128.9 %

Q4 2024 net profit jumped 63% year-on-year (YoY) to SAR 91.6 million from SAR 56.3 million.

On a sequential basis, net profit more than doubled from SAR 40.03 million in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 833.97 million by Dec. 31, 2024, compared to SAR 742.51 million a year earlier.

View More Financial Results

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share 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	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
Q2 2024	72.18	1.7 %	0.14	-	72.18	0.14
Q3 2024	40.03	19.7 %	0.08	-	40.03	0.08
Q4 2024	91.64	62.6 %	0.18	-	91.64	0.18
2024	266.13	31.5 %	0.53	-	266.13	0.53

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
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
2024	266.13	31.5 %	0.53	-	266.13	0.53

Financial results (Million)

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 %
Q2 2024	463.67	76.0 %	128.95	64.7 %	101.71	88.4 %
Q3 2024	510.43	51.9 %	109.98	20.0 %	72.83	29.5 %
Q4 2024	588.48	31.3 %	133.88	0.1 %	77.86	(7.0 %)
2024	2,063.21	50.9 %	499.66	31.7 %	340.23	38.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2024	2,063.21	50.9 %	499.66	31.7 %	340.23	38.8 %

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 %
Q2 2024	27.52 %	19.86 %	12.83 %
Q3 2024	25.98 %	19.09 %	12.01 %
Q4 2024	24.22 %	17.65 %	12.90 %
2024	24.22 %	17.65 %	12.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2024	24.22 %	17.65 %	12.90 %

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 %
Q2 2024	27.81 %	22.96 %	15.57 %
Q3 2024	21.55 %	15.63 %	7.84 %
Q4 2024	22.75 %	14.50 %	15.57 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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
Q2 2024	500.00	0.45	0.45	1.59
Q3 2024	500.00	0.46	0.46	1.51
Q4 2024	500.00	0.53	0.53	1.67

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
2024	500.00	0.53	0.53	1.67

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
Q2 2024	24.70	24.70	6.95
Q3 2024	33.27	33.27	10.17
Q4 2024	30.40	30.40	9.70

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	20.12	20.12	6.73
2023	21.05	21.05	5.74
2024	30.40	30.40	9.70

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)
Q2 2024	450.62	6.11	9.95	(3.00)
Q3 2024	501.21	1.35	11.01	(3.14)
Q4 2024	563.87	10.20	18.15	(3.74)

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)
2024	1,979.09	48.98	48.20	(13.06)

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (a)	Change‬
Average	93.00	91.64	(1.5 %)

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (a)	Change
GIB Capital	93.00	91.64	(1.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,500.00
Enterprise Value (EV) (M)	8,325.20
Shares Outstanding ((M))	500.00
EPS ( Riyal) (TTM)	0.53
Book Value (BV) ( Riyal)	1.67
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	28.18
P/E (TTM)	28.18
Price/book	8.99
Return on Average Assets (%) (TTM)	6.8
Return on Average Equity (%) (TTM)	11.9

Retal Urban Development Co. (RETAL)

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Retal profit jumps 32% to SAR 266.1M in 2024; Q4 at SAR 91.6M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (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) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Retal Urban Development Co. (RETAL)

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Retal profit jumps 32% to SAR 266.1M in 2024; Q4 at SAR 91.6M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Retal Urban Development Co. (RETAL)

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Business Segments (Million)