Retal profit up to SAR 190M in 9M 2025; Q3 at SAR 55.7M

09/11/2025 Argaam Exclusive

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Retal Urban Development Co. reported a net profit (after excluding minority interest) of SAR 190 million in the first nine months of 2025, an increase from SAR 174.5 million in the year-earlier period.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	1,474.73	1,731.94	17.4 %
Gross Income	365.78	375.87	2.8 %
Operating Income	262.37	252.71	(3.7 %)
Net Income	174.49	189.75	8.7 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items (Riyals)	0.35	0.30	(14.5 %)
EPS (Riyal)	0.35	0.38	8.7 %

The profit increase was driven by the increase of development contracts revenues, which grew by 20.4%, as result of achieving higher percentage of completion rates across ongoing projects and the commencement of new projects versus the same period of the previous year.

Gross profit for the nine-month period grew by 2.8%, in addition to recognized profits of SAR 32.6 million from partial sale of the company’s units in a real estate fund compared to same period of the previous year.

However, the current period witnessed higher general and administrative expenses due to the increase in employee-related costs and a decrease in the share of results from associates and joint ventures compared to the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	510.43	676.43	32.5 %
Gross Income	109.98	139.51	26.9 %
Operating Income	72.83	95.26	30.8 %
Net Income	40.03	55.50	38.6 %
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items (Riyal)	0.08	0.11	38.6 %
EPS (Riyal)	0.08	0.11	38.6 %

Item	Q2 2025	Q3 2025	Change‬
Revenues	488.44	676.43	38.5 %
Gross Income	106.26	139.51	31.3 %
Operating Income	59.65	95.26	59.7 %
Net Income	66.12	55.50	(16.1 %)
Average Shares	500.00	500.00	-
Earnings Per Share before unusual items (Riyal)	0.05	0.11	117.3 %
EPS (Riyal)	0.13	0.11	(16.1 %)

The third-quarter net profit grew 39% to SAR 55.7 million, from SAR 40 million in Q3 2024.

The company’s bottom line dropped 15.7% from SAR 66.12 million in Q2 2025.

Shareholders’ equity, after minority interest, reached SAR 911.1 million by Sept. 30, 2025, compared to SAR 754.9 million in the prior-year period.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	257.63	-	59.83	-	43.86	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	209.01	(18.9 %)	30.64	(48.8 %)	5.29	(88.0 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	456.54	118.4 %	77.40	152.6 %	47.87	805.8 %
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	-
2020	587.45	28.7 %	124.31	60.6 %	90.42	88.9 %
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 %
2021	1,085.32	84.8 %	245.46	97.5 %	181.53	100.8 %
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 %)
2022	1,106.83	2.0 %	303.23	23.5 %	224.31	23.6 %
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 %
2023	1,367.13	23.5 %	379.29	25.1 %	245.07	9.3 %
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 %	133.88	0.1 %	77.86	(7.0 %)
2024	2,063.21	50.9 %	499.66	31.7 %	340.23	38.8 %
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	257.63	-	59.83	-	43.86	-
2018	209.01	(18.9 %)	30.64	(48.8 %)	5.29	(88.0 %)
2019	456.54	118.4 %	77.40	152.6 %	47.87	805.8 %
2020	587.45	28.7 %	124.31	60.6 %	90.42	88.9 %
2021	1,085.32	84.8 %	245.46	97.5 %	181.53	100.8 %
2022	1,106.83	2.0 %	303.23	23.5 %	224.31	23.6 %
2023	1,367.13	23.5 %	379.29	25.1 %	245.07	9.3 %
2024	2,063.21	50.9 %	499.66	31.7 %	340.23	38.8 %

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	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	27.26	-	0.05	(9.33)	36.59	0.07
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	2.74	(90.0 %)	0.01	-	2.74	0.01
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	59.69	2079.3 %	0.12	-	59.69	0.12
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
2020	98.63	65.2 %	0.20	-	98.63	0.20
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
2021	193.72	96.4 %	0.39	13.94	179.78	0.36
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
2022	245.74	26.9 %	0.49	-	245.74	0.49
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
2023	202.35	(17.7 %)	0.40	-	202.35	0.40
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
2024	266.13	31.5 %	0.53	50.60	215.53	0.43
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	27.26	-	0.05	(9.33)	36.59	0.07
2018	2.74	(90.0 %)	0.01	-	2.74	0.01
2019	59.69	2079.3 %	0.12	-	59.69	0.12
2020	98.63	65.2 %	0.20	-	98.63	0.20
2021	193.72	96.4 %	0.39	13.94	179.78	0.36
2022	245.74	26.9 %	0.49	-	245.74	0.49
2023	202.35	(17.7 %)	0.40	-	202.35	0.40
2024	266.13	31.5 %	0.53	50.60	215.53	0.43

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	23.22 %	18.13 %	14.20 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	14.66 %	3.36 %	1.31 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	16.95 %	12.55 %	13.07 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	21.16 %	17.51 %	16.79 %
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 %
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 %
2022	27.40 %	21.52 %	22.20 %
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 %
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	24.22 %	17.65 %	10.45 %
2024	24.22 %	17.65 %	10.45 %
Q1 2025	23.61 %	17.67 %	10.40 %
Q2 2025	22.29 %	15.69 %	8.11 %
Q3 2025	21.97 %	15.62 %	8.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	23.22 %	18.13 %	14.20 %
2018	14.66 %	3.36 %	1.31 %
2019	16.95 %	12.55 %	13.07 %
2020	21.16 %	17.51 %	16.79 %
2021	22.62 %	18.05 %	16.57 %
2022	27.40 %	21.52 %	22.20 %
2023	27.74 %	18.86 %	14.80 %
2024	24.22 %	17.65 %	10.45 %

Period	Gross Margin	OIBDA 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	22.13 %	11.49 %	3.45 %
Q2 2020	15.49 %	11.11 %	22.61 %
Q3 2020	17.19 %	11.99 %	12.03 %
Q4 2020	25.13 %	24.67 %	20.92 %
Q1 2021	23.63 %	20.05 %	18.17 %
Q2 2021	25.07 %	20.40 %	21.20 %
Q3 2021	22.74 %	16.67 %	13.40 %
Q4 2021	21.26 %	17.03 %	15.86 %
Q1 2022	28.13 %	23.09 %	23.06 %
Q2 2022	30.41 %	21.53 %	22.39 %
Q3 2022	28.84 %	25.30 %	22.10 %
Q4 2022	23.30 %	14.76 %	21.46 %
Q1 2023	23.65 %	16.68 %	13.00 %
Q2 2023	29.72 %	21.36 %	26.96 %
Q3 2023	27.29 %	17.86 %	9.95 %
Q4 2023	29.85 %	19.70 %	12.58 %
Q1 2024	25.34 %	18.48 %	12.44 %
Q2 2024	27.81 %	22.96 %	15.57 %
Q3 2024	21.55 %	15.63 %	7.84 %
Q4 2024	22.75 %	14.50 %	6.97 %
Q1 2025	22.94 %	18.50 %	12.01 %
Q2 2025	21.76 %	13.93 %	5.23 %
Q3 2025	20.62 %	15.41 %	8.20 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	500.00	0.05	0.07	0.27
2018	500.00	0.01	0.01	0.26
2019	500.00	0.12	0.12	0.69
2020	500.00	0.20	0.20	1.04
2021	500.00	0.39	0.36	1.14
2022	500.00	0.49	0.49	1.47
2023	500.00	0.40	0.40	1.49
2024	500.00	0.53	0.43	1.67

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

Period	P/E	Recurring P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	20.12	20.12	6.73
2023	21.05	21.05	5.74
2024	30.40	37.54	9.70

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)

Period	Development	Investments in real estate equity instruments	Other	Eliminations
2021	1,060.19	-	25.13	-
2022	906.11	156.81	46.01	(2.09)
2023	1,305.36	24.77	53.89	(16.90)
2024	1,979.09	48.98	48.20	(13.06)

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	64.00	55.50

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
GIB Capital	55.00	55.50
YAQEEN	73.00	55.50

Financial Ratios

	Current
Market Cap (M Riyal)	6,700.01
Enterprise Value (EV) (M Riyal)	7,386.78
Shares Outstanding ((M))	500.00
EPS ( Riyal) (TTM)	0.56
Book Value (BV) ( Riyal)	1.82
Par Value ( Riyal)	1.00
Recurring P/E	35.23
P/E (TTM)	23.81
Price/book	7.35
Return on Average Assets (%) (TTM)	5.9
Return on Average Equity (%) (TTM)	33.8
EV/adj EBITDA	20.38
EV/Revenues	3.18

Retal Urban Development Co. (RETAL)

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Retal profit up to SAR 190M in 9M 2025; Q3 at SAR 55.7M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Retal Urban Development Co. (RETAL)

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Retal profit up to SAR 190M in 9M 2025; Q3 at SAR 55.7M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2025

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Retal Urban Development Co. (RETAL)

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Business Segments (Million)