View Real Estate profit up 13% to SAR 4.3M in H1 2024

View Real Estate profit up 13% to SAR 4.3M in H1 2024

13/08/2024 Argaam Exclusive

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View United Real Estate Development Co. reported a net profit of SAR 4.3 million for the first six months of 2024, a 13% rise from SAR 3.8 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 41.28 30.40 (26.4 %)
Gross Income 8.66 7.71 (11.0 %)
Operating Income 4.90 3.60 (26.4 %)
Net Income 3.81 4.30 12.8 %
Average Shares 3.00 33.00 -
EPS (Riyals) 1.27 0.13 (89.7 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 41.28 30.40 (26.4 %)
Gross Income 8.66 7.71 (11.0 %)
Operating Income 4.90 3.60 (26.4 %)
Net Income 3.81 4.30 12.8 %
Average Shares 3.00 33.00 -
EPS (Riyals) 1.27 0.13 (89.7 %)

The profit growth was supported by lower financing charges. However, the company posted lower revenues from contracting business due to completion of some projects.



Total shareholders’ equity, no minority interest, stood at SAR 60.38 million as of June 30, 2024, compared to SAR 34.11 million a year ago.

 

Historical Data

Period

Revenue

(SAR mln)

Net profit

(SAR mln)

EPS

(SAR)

H1 2022

36.48

0.37

0.17

H2 2022

51.14

16.64

7.56

H1 2023

41.28

3.81

1.27

H2 2023

49.44

14.41

4.37

H1 2024

30.40

4.29

1.30

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
H2 2023 49.44 (3.3 %) 17.21 1.5 % 14.54 9.9 %
H1 2024 30.40 (26.4 %) 7.71 (11.0 %) 3.60 (26.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H2 2023 14.41 (13.4 %) 4.37 - 14.41 4.37
H1 2024 4.30 12.8 % 0.13 - 4.30 0.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H2 2023 28.52 % 21.81 % 20.08 %
H1 2024 31.22 % 23.18 % 23.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H2 2023 3.30 5.52 5.52 20.01
H1 2024 33.00 0.57 0.57 1.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2023 More than 100 More than 100 38.98
H1 2024 More than 100 More than 100 41.48

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) -
Q2 2024 22.46 2.47 5.47 - - -


Financial Ratios
Current
Market Cap (M Riyal) 313.50
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 33.00
Book Value (BV) ( Riyal) 20.01
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 17.21
Price/book 4.75
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Share Price

View United Real Estate Development Co.
9.50
(66.50) (87.50 %)

View United Real Estate Development Co. (VIEW)

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