Retal H1 2024 net profit rises 19% to SAR 134.5M; Q2 at SAR 72.2M

Retal H1 2024 net profit rises 19% to SAR 134.5M; Q2 at SAR 72.2M

31/07/2024 Argaam Exclusive

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Retal Urban Development Co. reported a net profit jump of 19% to SAR 134.5 million in H1 2024, from SAR 112.5 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 582.99 964.30 65.4 %
Gross Income 153.86 255.80 66.3 %
Operating Income 105.06 189.53 80.4 %
Net Income 112.55 134.46 19.5 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.23 0.27 19.5 %

The first-half earnings were bolstered by a 65% year-on-year (YoY) rise in topline, due to a 76% increase in development contracts revenue to SAR 910.50 million.

 

Development contract revenues improved as the number of ongoing projects increased from 11 to 16, along with high completion rates and an increase in units sold. Revenues from investment funds and joint projects also rose.

 

On the other hand, general and administrative expenses (G&A) rose to SAR 48.02 million, with selling and marketing expenses also increasing to SAR 18.24 million.

 

Moreover, Retal’s income from equity accounted investments declined to reach SAR 15.22 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 263.38 463.67 76.0 %
Gross Income 78.28 128.95 64.7 %
Operating Income 53.97 101.71 88.4 %
Net Income 71.01 72.18 1.7 %
Average Shares 500.00 500.00 -
EPS (Riyals) 0.14 0.14 1.7 %

The second-quarter net profit grew 2% to SAR 72.2 million, from SAR 71 million in Q2 2023 driven by a 76% leap YoY in topline. Revenues from development contracts surged 98% YoY to SAR 450 million.

 

Meanwhile, Retal reported a decline in revenue from the sale of land plots and prefabricated units. G&A as well as financing costs increased.

 

The company’s bottom line jumped 15.9% from SAR 62.2 million in Q1 2024 as G&A declined to SAR 23.19 million. Selling and marketing expenses also decreased to SAR 4.04 million.

 

Shareholders’ equity, after minority interest, reached SAR 796.97 million by June 30, 2024, compared to SAR 726.95 million in the prior-year period.

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Financial results (Million)

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


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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 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
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
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
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
Q1 2024 62.28 49.9 % 0.12 - 62.28 0.12
Q2 2024 72.18 1.7 % 0.14 - 72.18 0.14

Profitability

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 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 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 %
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 %
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 %
Q1 2024 27.81 % 19.19 % 14.41 %
Q2 2024 27.52 % 19.86 % 12.83 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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

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

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)

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 54.00 72.18 33.67 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
GIB Capital 58.00 72.18 24.5 %
YAQEEN 50.00 72.18 44.4 %


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
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Share Price

Retal Urban Development Co.
17.82
0.40 2.30 %

Retal Urban Development Co. (RETAL)

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