Riyadh – Mubasher: Retal Urban Development Company reported a 20.32% decline in net profit after Zakat and tax to SAR 145.98 million in the first nine months (9M) of 2023, compared to SAR 183.20 million in the same period of 2022.
Meanwhile, the revenues increased by 12.71% to SAR 918.98 million in 9M-23 from SAR 815.38 million in 9M-22, according to the interim financial results.
The earnings per share (EPS) reached SAR 0.29 in 9M-23, down year-on-year (YoY) from SAR 0.37.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the real estate developer’s net profits after Zakat and tax amounted to SAR 33.44 million, a 62.74% decrease from SAR 89.76 million in Q3-22.
Retal’s revenues fell by 17.26% YoY to SAR 335.99 million during the July-September 2023 period, versus SAR 406.07 million.
On a quarterly basis, the Q3-23 net profits declined by 52.91% from the SAR 71.01 million recorded in Q2-23, while the revenues rose by 27.57% from SAR 263.38 million.
In April 2023, Retal entered a development agreement with the National Housing Company for a total value of SAR 418.31 million. The Tadawul-listed firm also launched Rimal Park Fund with an estimated value of SAR 65 million, which aimed to develop a residential and commercial complex in Al Khobar.
