The profits of Retal Urban Development Company, Retal, increased by 61.6% after zakat and tax, to reach 63.44 million riyals in the first quarter of 2022, compared to 39.26 million riyals in the first quarter of 2021.
According to Arabia Net, and on a quarterly basis, Retal's net profit declined by 14.06% in the first quarter of 2022, compared to a net profit of about 73.82 million riyals in the fourth quarter of 2021.
The company said in a statement on Saudi Arabia’s Tadawul today, Tuesday, that the increase in profits in the first quarter of 2022, on an annual basis, is due to an increase in the revenues of the first quarter by 27.37% compared to the same quarter of the previous year.
She added that this is due to the increase in revenues from development contracts and the sale of developed lands, which directly contributed to the growth in gross profit by 47.92% over the same quarter of the previous year. The company achieved a total profit of 75.50 million riyals, compared to 51.04 million riyals for the same quarter of The previous year, the gross profit margin amounted to 27.44% of the total revenues for the first quarter of this year, compared to 23.63% for the first quarter of the previous year.
Yesterday, Monday, the listing and trading of Retal Urban Development Company began in the main Saudi market as the eighth listing this year.
Retal had offered 12 million shares, the company representing 30% of the company's capital, 90% of which were allocated to the participating parties and 10% to individuals.
The final offering price was set at 120 riyals per share, and the percentage of institutional subscription was 62.7 times of the total shares offered, while the subscription of individuals was 8.88 times.
