Financial Results : Retal profit jumps 10% to SAR 293.3M in 2025; Q4 at SAR 103.6M

Retal profit jumps 10% to SAR 293.3M in 2025; Q4 at SAR 103.6M

15/03/2026 Argaam Exclusive

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Retal Urban Development Co. reported a net profit of SAR 293.3 million in 2025, an increase of 10% compared to SAR 266.1 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 2,063.21 2,437.81 18.2 %
Gross Income 498.35 605.98 21.6 %
Operating Income 340.23 405.76 19.3 %
Net Income 266.13 293.31 10.2 %
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyals) 0.43 0.51 17.3 %
EPS (Riyal) 0.53 0.59 10.2 %

Topline rose 18.1% in 2025, hitting the highest-ever annual revenue at SAR 2.43 billion.

 

The annual profit jump was also supported by higher completion rates in ongoing projects and the launch of new projects.

 

Operating profit grew by 19.2% to reach SAR 405.8 million in 2025, compared to SAR 340.2 million in the previous year, despite incurring higher operating costs during the year.

 

Retal realized a gain of SAR 32.6 million from the disposal of investments in an associate during 2025, resulting from the sale of a portion of the company’s units in a real estate fund. Meanwhile, the share of results from equity accounted investments decreased during the current year. This followed the liquidation of a real estate fund in the previous year, during which Retal recorded its share of liquidation profits amounting to SAR 50.6 million.

 

Net profit rose 13% year-on-year to SAR 103.6 million in Q4 2025.

 

On a sequential basis, net profit leapt 86.6% from SAR 55.5 million in Q3 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 588.48 705.86 19.9 %
Gross Income 132.57 230.11 73.6 %
Operating Income 77.86 153.05 96.6 %
Net Income 91.64 103.55 13.0 %
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyal) 0.08 0.21 152.3 %
EPS (Riyal) 0.18 0.21 13.0 %

Total shareholders’ equity, after minority interest, stood at SAR 1.01 billion by Dec. 31, 2025, up from SAR 833.9 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 81.07 - 17.94 - 6.61 -
Q2 2020 106.38 - 16.48 - 9.21 -
Q3 2020 133.81 - 23.00 - 14.67 -
Q4 2020 266.20 - 66.89 - 59.92 -
Q1 2021 216.03 166.5 % 51.04 184.6 % 40.26 508.8 %
Q2 2021 159.31 49.8 % 39.94 142.4 % 28.41 208.3 %
Q3 2021 238.01 77.9 % 54.13 135.3 % 36.26 147.2 %
Q4 2021 471.97 77.3 % 100.35 50.0 % 76.60 27.8 %
Q1 2022 275.16 27.4 % 77.39 51.6 % 59.96 48.9 %
Q2 2022 134.15 (15.8 %) 40.80 2.2 % 25.11 (11.6 %)
Q3 2022 406.07 70.6 % 117.12 116.4 % 98.91 172.8 %
Q4 2022 291.45 (38.2 %) 67.92 (32.3 %) 40.32 (47.4 %)
Q1 2023 319.60 16.2 % 75.58 (2.3 %) 51.08 (14.8 %)
Q2 2023 263.38 96.3 % 78.28 91.9 % 53.97 114.9 %
Q3 2023 335.99 (17.3 %) 91.68 (21.7 %) 56.26 (43.1 %)
Q4 2023 448.15 53.8 % 133.75 96.9 % 83.75 107.7 %
Q1 2024 500.63 56.6 % 126.85 67.8 % 87.83 71.9 %
Q2 2024 463.67 76.0 % 128.95 64.7 % 101.71 88.4 %
Q3 2024 510.43 51.9 % 109.98 20.0 % 72.83 29.5 %
Q4 2024 588.48 31.3 % 132.57 (0.9 %) 77.86 (7.0 %)
Q1 2025 567.07 13.3 % 130.10 2.6 % 97.80 11.4 %
Q2 2025 488.44 5.3 % 106.26 (17.6 %) 59.65 (41.4 %)
Q3 2025 676.43 32.5 % 139.51 26.9 % 95.26 30.8 %
Q4 2025 705.86 19.9 % 230.11 73.6 % 153.05 96.6 %
2025 2,437.81 18.2 % 605.98 21.6 % 405.76 19.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 2.79 - 0.01 - 2.79 0.01
Q2 2020 24.05 - 0.05 - 24.05 0.05
Q3 2020 16.10 - 0.03 - 16.10 0.03
Q4 2020 55.70 - 0.11 - 55.70 0.11
Q1 2021 39.26 1305.5 % 0.08 - 39.26 0.08
Q2 2021 45.43 88.9 % 0.09 11.65 33.78 0.07
Q3 2021 35.21 118.7 % 0.07 3.31 31.90 0.06
Q4 2021 73.82 32.5 % 0.15 (1.03) 74.85 0.15
Q1 2022 63.44 61.6 % 0.13 - 63.44 0.13
Q2 2022 30.03 (33.9 %) 0.06 - 30.03 0.06
Q3 2022 89.76 154.9 % 0.18 - 89.76 0.18
Q4 2022 62.55 (15.3 %) 0.13 - 62.55 0.13
Q1 2023 41.54 (34.5 %) 0.08 - 41.54 0.08
Q2 2023 71.01 136.4 % 0.14 - 71.01 0.14
Q3 2023 33.44 (62.7 %) 0.07 - 33.44 0.07
Q4 2023 56.37 (9.9 %) 0.11 - 56.37 0.11
Q1 2024 62.28 49.9 % 0.12 - 62.28 0.12
Q2 2024 72.18 1.7 % 0.14 - 72.18 0.14
Q3 2024 40.03 19.7 % 0.08 - 40.03 0.08
Q4 2024 91.64 62.6 % 0.18 50.60 41.04 0.08
Q1 2025 68.13 9.4 % 0.14 - 68.13 0.14
Q2 2025 66.12 (8.4 %) 0.13 40.59 25.54 0.05
Q3 2025 55.50 38.6 % 0.11 - 55.50 0.11
Q4 2025 103.55 13.0 % 0.21 - 103.55 0.21
2025 293.31 10.2 % 0.59 40.59 252.72 0.51

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 21.16 % 17.51 % 16.79 %
Q1 2021 21.79 % 18.94 % 18.70 %
Q2 2021 23.33 % 20.32 % 18.68 %
Q3 2021 24.10 % 20.60 % 18.26 %
Q4 2021 22.62 % 18.05 % 16.57 %
Q1 2022 23.75 % 18.88 % 17.82 %
Q2 2022 24.36 % 18.98 % 17.89 %
Q3 2022 26.07 % 21.40 % 20.05 %
Q4 2022 27.40 % 21.52 % 22.21 %
Q1 2023 26.18 % 19.80 % 19.45 %
Q2 2023 26.47 % 19.94 % 20.68 %
Q3 2023 25.90 % 17.56 % 17.23 %
Q4 2023 27.74 % 18.86 % 14.80 %
Q1 2024 27.81 % 19.19 % 14.41 %
Q2 2024 27.52 % 19.86 % 12.83 %
Q3 2024 25.98 % 19.09 % 12.01 %
Q4 2024 24.15 % 17.65 % 10.45 %
2024 24.15 % 17.65 % 10.45 %
Q1 2025 23.55 % 17.67 % 10.40 %
Q2 2025 22.23 % 15.69 % 8.11 %
Q3 2025 21.91 % 15.62 % 8.20 %
Q4 2025 24.86 % 18.04 % 10.37 %
2025 24.86 % 18.04 % 10.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 500.00 - - -
Q2 2020 500.00 - - -
Q3 2020 500.00 - - -
Q4 2020 500.00 0.20 0.20 1.04
Q1 2021 500.00 0.27 0.27 1.13
Q2 2021 500.00 0.31 0.29 1.06
Q3 2021 500.00 0.35 0.32 1.13
Q4 2021 500.00 0.39 0.36 1.14
Q1 2022 500.00 0.44 0.41 1.26
Q2 2022 500.00 0.41 0.40 1.32
Q3 2022 500.00 0.51 0.52 1.34
Q4 2022 500.00 0.49 0.49 1.47
Q1 2023 500.00 0.45 0.45 1.55
Q2 2023 500.00 0.53 0.53 1.45
Q3 2023 500.00 0.42 0.42 1.38
Q4 2023 500.00 0.40 0.40 1.49
Q1 2024 500.00 0.45 0.45 1.45
Q2 2024 500.00 0.45 0.45 1.59
Q3 2024 500.00 0.46 0.46 1.51
Q4 2024 500.00 0.53 0.43 1.67
Q1 2025 500.00 0.54 0.44 1.69
Q2 2025 500.00 0.53 0.35 1.82
Q3 2025 500.00 0.56 0.38 1.82
Q4 2025 500.00 0.59 0.51 2.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 24.30 24.57 7.43
Q3 2022 22.00 21.92 8.42
Q4 2022 20.12 20.12 6.73
Q1 2023 21.19 21.19 6.11
Q2 2023 17.19 17.19 6.26
Q3 2023 21.39 21.39 6.48
Q4 2023 21.05 21.05 5.74
Q1 2024 21.31 21.31 6.56
Q2 2024 24.70 24.70 6.95
Q3 2024 33.27 33.27 10.17
Q4 2024 30.40 37.54 9.70
Q1 2025 32.17 39.52 10.33
Q2 2025 29.56 44.98 8.63
Q3 2025 21.30 31.52 6.58
Q4 2025 19.98 23.19 5.78

Business Segments (Million)

Compared With The
Period Development Investments in real estate equity instruments Other Eliminations
Q1 2021 324.82 - 7.30 (116.09)
Q2 2021 36.43 - 7.34 115.55
Q3 2021 229.38 - 10.19 (1.56)
Q4 2021 469.56 - 0.31 2.11
Q1 2022 205.44 62.11 7.61 -
Q2 2022 90.93 28.06 16.73 (0.82)
Q3 2022 356.35 35.86 12.93 0.92
Q4 2022 253.39 30.77 8.73 (1.44)
Q1 2023 308.10 2.60 13.82 (4.92)
Q2 2023 234.06 15.70 15.03 (1.42)
Q3 2023 327.64 - 12.58 (4.23)
Q4 2023 429.22 9.72 15.55 (6.34)
Q1 2024 463.39 31.33 9.09 (3.18)
Q2 2024 450.62 6.11 9.95 (3.00)
Q3 2024 501.21 1.35 11.01 (3.14)
Q4 2024 563.87 10.20 18.15 (3.74)
Q1 2025 556.03 2.77 11.61 (3.34)
Q2 2025 475.00 5.41 10.80 (2.77)
Q3 2025 666.18 2.53 10.80 (3.07)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 53.00 103.55

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
GIB Capital 53.00 103.55

Current
Market Cap (M Riyal) 6,835.01
Enterprise Value (EV) (M Riyal) 7,482.96
Shares Outstanding ((M)) 500.00
EPS ( Riyal) (TTM) 0.59
Book Value (BV) ( Riyal) 2.03
Par Value ( Riyal) 1.00
Recurring P/E 27.05
P/E (TTM) 23.30
Price/book 6.74
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 31.7
EV/adj EBITDA 17.01
EV/Revenues 3.07

Share Price

Retal Urban Development Co. (RETAL)


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