Retal Urban Development Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 335.99 | 406.07 | -17.26 | 263.38 | 27.57 |
| Gross Profit (Loss) | 91.68 | 117.12 | -21.72 | 78.28 | 17.12 |
| Operational Profit (Loss) | 56.26 | 98.91 | -43.12 | 53.97 | 4.24 |
| Net Profit (Loss) after Zakat and Tax | 33.44 | 89.76 | -62.74 | 71.01 | -52.91 |
| Total Comprehensive Income | 33.44 | 89.76 | -62.74 | 71.01 | -52.91 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 918.98 | 815.38 | 12.71 |
| Gross Profit (Loss) | 245.53 | 235.31 | 4.34 |
| Operational Profit (Loss) | 161.32 | 183.98 | -12.32 |
| Net Profit (Loss) after Zakat and Tax | 145.98 | 183.2 | -20.32 |
| Total Comprehensive Income | 145.98 | 183.2 | -20.32 |
| Total Share Holders Equity (after Deducting Minority Equity) | 688.55 | 671.72 | 2.5 |
| Profit (Loss) per Share | 0.29 | 0.37 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit during Q3-2023 reached SAR 33.44 million, declined by 62.75% year-on-year compared to the same quarter last year. The decline was driven by:
- A decrease in revenues by 17.3% to reach SAR 335.99 million. This is due to the decrease in revenues from sale of real estate units/lands by 98.9% to reach SAR 2.57 million despite the increase in revenues from development contracts by 91.3% to reach SAR320.84 million as a result of the increase in number of projects under development. - Increase in General & Administrative Expenses by 109.3% to reach SAR 26.25 million on the background of developments achieved by the Company regarding the administrative structure and to accommodate the strategic growth plans. - Selling & marketing expenses increased by 61.6% to reach SAR 9.17 million as a result of the increase in expenses related to enhancing the company’s market share and enhancing the strength of the company’s brand. - Increase in Finance Costs by 265.6% to SAR 26.97 million due to the increase in Saudi interbank offered rate (SIBOR), in addition to the increase in total debt. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit during Q3-2023 amounted to SAR 33.44 million, down by 52.91% compared to the previous quarter driven by the following:
- The decrease in revenues from sale of real estate units/lands by 87.2% to reach SAR 2.57 million. - Increase in General & Administrative expenses by 41.2% to reach SAR 26.25 million on the background of developments achieved by the Company regarding the administrative structure and to accommodate the strategic growth plans. - Selling & marketing expenses increased by 60.2% to reach SAR 9.17 million as a result of the increase in expenses related to enhancing the company’s market share and enhancing the strength of the company’s brand.
- Increase in Finance Costs by 23.0% to SAR 26.97 million due to the increase in Saudi interbank offered rate (SIBOR), in addition to the increase in total debt. - Q2 Net income included a share of results of equity accounted investments of SAR 40.8 million. This was despite of the revenue increase by 27.6% due to the growth in revenues from development contracts by 40.8% to reach SAR 320.84 million. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit in the current period amounted to SAR 145.98 million, down by 20.31% compared to the same period of the previous year driven by the following:
- A decrease in the sale of real estate units/lands revenues by 87.4% to reach SAR 41.67 million despite the increase in revenues from development contracts by 87.6% to reach SAR 838.96 million due to the increase in number of ongoing projects. - Increase in General & Administrative expenses by 63.3% to reach SAR 60.68 million on the background of evolutions achieved by the Company regarding the administrative structure and to accommodate the strategic growth plans. - Selling & Marketing Expenses increased by 66.0% to reach SAR 23.54 million as a result of the increase in expenses related to enhancing the company’s market share and enhancing the strength of the company’s brand. - Increase in Finance Costs by 245.4% to SAR 58.27 million on the background of the increase in Saudi interbank offered rate (SIBOR), in addition to the increase of total debt. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to be consistent with the presentation of the current period. |
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