Retal Urban Development Co. announces its Financial Results for the Year Ending on 2023-12-31 ( 12 Months )
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,367.12 | 1,106.83 | 23.52 | ||
| Gross Profit (Loss) | 379.28 | 303.23 | 25.08 | ||
| Operational Profit (Loss) | 245.06 | 224.3 | 9.26 | ||
| Net profit (Loss) | 202.35 | 245.74 | -17.66 | ||
| Total Comprehensive Income | 199.95 | 245.89 | -18.68 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 742.51 | 734.41 | 1.1 | ||
| Profit (Loss) per Share | 0.4 | 0.49 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Retal Company has achieved the highest annual revenues since inception, as revenues for the current period amounted to 1,367 million riyals grew by 23.5% on annual base, driven by the company achieving the highest revenues from development contracts reaching 1,271 million riyals with a growth rate of 83% compared to the previous year, due to the increase in the number of ongoing projects and the increase in the number of units sold and completion rates, this came despite the decline in revenues from sale of real estate units and lands by 84%.
It is worth noting that the company achieved the highest contractual revenues since inception, with revenues estimated at approximately 1.9 billion riyals |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit during the current period amounted to 202.35 million riyals, a decline of 17.7% compared to last year. The decrease is due to the following:
- Revenues from the sale of real estate units/lands decreased by 84% to reach 59.42 million riyals despite the increase in revenues from development contracts by 83% to reach 1,271 million riyals, due to the increase in the number of ongoing projects and sold units and completion rate. - Increase in General & administrative Expenses to reach SAR 87 million riyals on the background of the developments achieved by the Company regarding the administrative structure and to accommodate the strategic growth plans. - Selling & marketing expenses increased to reach SAR 47 million as a result of the increase in expenses related to enhancing the company’s market share through the participation in sponsorship of local Real Estate exhibitions which resulted in an increase in revenues from development contracts by 83%, and the increase in after sales expense. - Increase in finance Costs to SAR 99.85 million due to the increase in Saudi interbank offered rate (SIBOR), in addition to the increase in total debt in purpose of acquisition of prime lands in Riyadh & Jeddah.
It is worth noting that the company has achieved the highest annual revenues since inception, supported by the company achieving the highest annual revenues from development contracts due to the increase in the number of ongoing projects and the increase in the number of units sold and completion rates, in addition to the increase in share of results of equity accounted investments. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to be consistent with the presentation of the current period. |
| Additional Information | - |
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