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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. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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