What do analysts expect from Retal’s Q3 2024 results?

27/10/2024 Argaam Exclusive

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.

Quarter Revenue Changes (M Riyal)

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

Quarter Net Income Changes (M Riyal)

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.

Quarterly Profit and Revenue (M Riyal)

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.

Quarterly Actuals vs Estimates (M Riyal)

Average Estimate (M Riyal)

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:

P/E (TTM)

Stock Performance

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 -
14.60
(0.36) (2.41 %)

Valuation Data (Latest Share Price)

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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