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Retal seals SAR 864m sub-development agreement

Retal seals SAR 864m sub-development agreement
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Riyadh – Mubasher: Retal Urban Development Company has signed a sub-development deal with the National Housing Company at an estimated cost of SAR 864 million for a project in Riyadh.

Under the 42-month agreement, the Saudi listed firm will develop 759 housing units in Al Fursan district 1 on an area spanning 227,837 square metres, according to a recent bourse filing.

Meanwhile, the development scheme will be self-funded and upon off-plan sales.

Retal expected that the deal would reflect positively on its income statements once sales and execution of the project commence, noting that it will disclose further details about the financial impact and project developments at a later time.

Last June, the real estate developer started the listing and trading of its shares on the Saudi Exchange (Tadawul).

In the first six months (6M) of 2022, Retal reported net profits after Zakat and tax worth SAR 93.47 million, a 10.37% year-on-year (YoY) growth from SAR 84.69 million. 

Revenues amounted to SAR 409.31 million during the first half (H1) of 2022, up 9.05% from SAR 375.34 million in the year-ago period.

Furthermore, the earnings per share (EPS) rose to SAR 2.34 H1-22 from SAR 2.21 H1-21.