AI Summary
In this report, Argaam highlights the expected results of Retal Urban Development Co. in Q3 2024, its key events, quarterly sales and profit, as well as its performance indicators.
The company is projected to post a 49.71% year-on-year (YoY) jump in the third-quarter revenue to SAR 503 million.
| Item | Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 (Average Estimate) |
|---|---|---|---|---|---|
| Sales | 335.99 | 448.15 | 500.63 | 463.67 | 503.00 |
| Change % | (17.26%) | 53.76% | 56.64% | 76.04% | 49.71% |
| Income from Affiliate | 4.69 | 18.80 | 8.43 | 6.80 | NA |
| Change % | 173.09% | (20.72%) | 1,527.22% | (83.34%) | NA |
| Item | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 (Average Estimate) |
|---|---|---|---|---|---|
| Net Income | 33.44 | 56.37 | 62.28 | 72.18 | 54.00 |
| Extraordinary income/expense | 0.00 | 0.00 | 0.00 | 0.00 | - |
| Net Profit Before Unusual Items | 33.44 | 56.37 | 62.28 | 72.18 | - |
| EPS Before Unusual Items (Riyal/Share) | 0.07 | 0.11 | 0.12 | 0.14 | 0.11 |
Key events in Q3 2024
The company sold its 33.33% stake in a land plot in Khobar for SAR 21.48 million to the Remal Park Fund, receiving new units in exchange. It expects the deal to positively impact results from 2024 to 2028.
The board approved a cash dividend of 16% of capital, or SAR 0.16 per share, for the first half of 2024.
Average forecasts
The company is forecast to record a net profit of SAR 54 million in Q3, a rise of 61.5% from SAR 33.44 million in Q3 2023, based on average estimates by three research houses.
| Analyst | Million Riyals |
|---|---|
| EFG-Hermes KSA | 65.00 |
| Yaqeen Capital Co. | 61.00 |
| GIB Capital LLC | 36.00 |
| Average | 54.00 |
| Net Profit Before Unusual Items (2023 - Q3) | 33.44 |
| Change % | 61.50% |
Performance & profitability indicators
The following table shows the stock performance trailing 12 months (TTM) and year to date, as well as its P/E and earnings per share:
| Item | The Company | TASI |
|---|---|---|
| YTD | (9.77 %) | 0.27 % |
| Change(12M) | 54.50 % | 15.13 % |
| Previous Close | 14.60 | 12,068.97 |
| P/E adjusted (x) | 32.55 | 25.56 |
| EPS (TTM) before unusual items (SAR/Share) | 0.45 | - |
| P/E (TTM) | 27.43 |
| P/E Before Unusual Items (TTM) | 27.43 |
| P/BV | 8.75 |
| Dividend Yield | 1.67 % |
| Market Cap. (M) | 7,300.00 |
| Return on Average Assets | 6.80 % |
| Return on Average Equity | 11.92 % |
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