View Real Estate net profit rises 7% to SAR 18.2M in 2023
27/03/2024
Argaam Exclusive
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View United Real Estate Development Co. reported a net profit of SAR 18.2 million for 2023, a 7% growth from SAR 17 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 87.62 | 90.72 | 3.5 % |
| Gross Income | 19.51 | 25.88 | 32.7 % |
| Operating Income | 13.50 | 19.44 | 44.0 % |
| Net Income | 17.01 | 18.22 | 7.1 % |
| Average Shares | 2.20 | 3.30 | 50.0 % |
| EPS (Riyals) | 7.73 | 5.52 | (28.6 %) |
The improved results were fueled by improved operating performance and lower cost of revenue due to a decline in direct costs on projects. This was offset by higher general and administrative expenses (G&As).
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 51.14 | 49.44 | (3.3 %) |
| Gross Income | 16.95 | 17.21 | 1.5 % |
| Operating Income | 13.23 | 14.54 | 9.9 % |
| Net Income | 16.64 | 14.41 | (13.4 %) |
| Average Shares | 2.20 | 3.30 | 50.0 % |
| EPS (Riyals) | 7.56 | 4.37 | (42.3 %) |
Total shareholders’ equity, no minority interest, stood at SAR 66.04 million by Dec. 31, 2023, compared to SAR 21.79 million a year ago.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net profit (SAR mln) |
EPS (SAR /share) |
|
H1 2022 |
36.48 |
0.37 |
0.17 |
|
H2 2022 |
51.14 |
16.64 |
5.55 |
|
H1 2023 |
41.28 |
3.81 |
1.27 |
|
H2 2023 |
49.44 |
14.41 |
4.42 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 41.28 | 13.2 % | 8.66 | 239.2 % | 4.90 | 1731.8 % |
| H2 2023 | 49.44 | (3.3 %) | 17.21 | 1.5 % | 14.54 | 9.9 % |
| 2023 | 90.72 | 3.5 % | 25.88 | 32.7 % | 19.44 | 44.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 3.81 | 925.3 % | 1.27 | - | 3.81 | 1.27 |
| H2 2023 | 14.41 | (13.4 %) | 4.37 | - | 14.41 | 4.37 |
| 2023 | 18.22 | 7.1 % | 5.52 | - | 18.22 | 5.52 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 27.72 % | 19.92 % | 22.13 % |
| H2 2023 | 28.52 % | 21.81 % | 20.08 % |
| 2023 | 28.52 % | 21.81 % | 20.08 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 3.00 | 6.82 | 6.82 | 11.37 |
| H2 2023 | 3.30 | 5.52 | 5.52 | 20.01 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | More than 100 | More than 100 | 38.98 |
Business Segments (Million)
Q2 2023
| Period | Contracting revenues | Commissions for selling developed properties | Marketing revenues | Real estate investment lease revenues | investment properties | Off-Plane Sales Revenue |
|---|---|---|---|---|---|---|
| Q2 2023 | 34.09 | 7.35 | 0.46 | 0.21 | (0.84) | - |
| Current | |
| Market Cap (M Riyal) | 2,508.00 |
| Enterprise Value (EV) (M) | - |
| Shares Outstanding ((M)) | 33.00 |
| Book Value (BV) ( Riyal) | 20.01 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 37.98 |
Share Price
View United Real Estate Development Co. (VIEW)
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