Financial Results : Retal’s Q1 2025 profit grows 9% to SAR 68.1M

Retal’s Q1 2025 profit grows 9% to SAR 68.1M

12/05/2025 Argaam Exclusive

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Retal Urban Development Co. posted a net profit rise of 9% in Q1 2025 to SAR 68.1 million, compared to SAR 62.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 500.63 567.07 13.3 %
Gross Income 126.85 130.10 2.6 %
Operating Income 87.83 97.80 11.4 %
Net Income 62.28 68.13 9.4 %
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyal) 0.12 0.14 9.4 %
EPS (Riyal) 0.12 0.14 9.4 %

The real estate developer cited a 13.3% year-on-year (YoY) rise in topline, primarily due to a 21% jump in real estate development revenues.

 

Retal also reported higher completion rates for ongoing projects compared to the first quarter of 2024. Additionally, gross profit from real estate development projects grew by 4% YoY. Selling and marketing expenses dipped 55% YoY on lower after-sale service costs.

 

Net earnings dropped by 26.1% from SAR 92.1 million in Q4 2024 as revenues declined by 3.6% quarter-on-quarter. Retal recorded gains from exiting a real estate fund in the previous quarter.

 

This was offset by a 24.8% YoY increase in net operating profit, which drove net profit margins higher at 17.2% from 13.3% in Q4 2024.

 

Total shareholders’ equity, after minority interest, grew to SAR 847.1 million as of March 31, 2025, from SAR 724.79 million in the year-earlier period.

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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 %


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

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 %


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

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

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)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 100.00 68.13

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
GIB Capital 100.00 68.13


Financial Ratios
Current
Market Cap (M Riyal) 7,550.01
Enterprise Value (EV) (M Riyal) 8,197.96
Shares Outstanding ((M)) 500.00
EPS ( Riyal) (TTM) 0.59
Book Value (BV) ( Riyal) 2.03
Par Value ( Riyal) 1.00
Recurring P/E 29.87
P/E (TTM) 25.74
Price/book 7.45
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 31.7
EV/adj EBITDA 18.64
EV/Revenues 3.36
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Share Price

Retal Urban Development Co.
15.10
0.05 0.33 %

Retal Urban Development Co. (RETAL)

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