View Real Estate H1 2023 net profit surge to SAR 3.8 mln

View Real Estate H1 2023 net profit surge to SAR 3.8 mln

26/10/2023 Argaam Exclusive

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Net profit of View Limited Real Estate Development Co., poised to list on Nomu-Parallel Market, rose to SAR 3.8 million in the first six months of 2023, from SAR 371,500 a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 36.48 41.28 13.2 %
Gross Income 2.55 8.66 239.2 %
Operating Income 0.27 4.90 1731.8 %
Net Income 0.37 3.81 925.3 %
Average Shares 2.20 3.00 36.4 %
EPS (Riyals) 0.17 1.27 651.9 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 36.48 41.28 13.2 %
Gross Income 2.55 8.66 239.2 %
Operating Income 0.27 4.90 1731.8 %
Net Income 0.37 3.81 925.3 %
Average Shares 2.20 3.00 36.4 %
EPS (Riyals) 0.17 1.27 651.9 %

Revenues for the current period increased to SAR 41.3 million compared to SAR 36.5 million in H1 2022. This was due to a SAR 5.6 million surge in revenues from commissions of the sale of developed real estate properties.

 

The gross profit margin grew to 21% in H1 2023 from 7% a year earlier. Further, the operating profit margin jumped to 12% during the first half of 20233 from 1% in H1 2022, despite higher operating expenses.

 

On the other hand, financing expenses surged to SAR 575,600 in H1 2023, compared to SAR 50,500 in the same period last year. Zakat expenses also inched up to SAR 750,300 during the current period from SAR 165,800 in H1 2022.

 

Total shareholders’ equity, with no minority interest, stood at SAR 34.11 million by the end of H1 2023, compared to SAR 6 million in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 36.48 - 2.55 - 0.27 -
H2 2022 51.14 - 16.95 - 13.23 -
H1 2023 41.28 13.2 % 8.66 239.2 % 4.90 1731.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 0.37 - 0.17 - 0.37 0.17
H2 2022 16.64 - 7.56 - 16.64 7.56
H1 2023 3.81 925.3 % 1.27 - 3.81 1.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 22.26 % 15.68 % 19.42 %
H1 2023 27.72 % 19.92 % 22.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 2.20 - - 2.73
H2 2022 2.20 7.73 7.73 9.90
H1 2023 3.00 6.82 6.82 11.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -

Business Segments (Million)

Compared With The
Period Contracting revenues Commissions for selling developed properties Marketing revenues Real estate investment lease revenues investment properties Off-Plane Sales Revenue
Q2 2022 34.37 1.70 - 0.40 - -
Q4 2022 47.28 3.42 - 0.44 - -
Q2 2023 34.09 7.35 0.46 0.21 (0.84) -


Financial Ratios
Current
Market Cap (M Riyal) 244.86
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 3.30
Book Value (BV) ( Riyal) 20.01
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.44
Price/book 3.71
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Share Price

View United Real Estate Development Co.
74.20
0.20 0.27 %

View United Real Estate Development Co. (VIEW)

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