He confirmed the start of calculating previous sales revenues in the first quarter of 2023
In an interview with Al-Arabiya, Abdullah bin Faisal Al-Buraikan, CEO of Retal Urban Development Company, said that the volume of the company’s projects under development is approximately 7.5 billion riyals.
Al-Buraikan explained that the company has about 2,500 sold housing units, for which revenue will be achieved according to completion rates, starting in 2023.
He added that about 90% of the “Retal Development” business portfolio is with government institutions (National Housing and Roshen).
Retal Urban Development Company announced recording a net profit of 245.7 million riyals in 2022, the highest profit in the company’s history, compared to 193.3 million riyals in 2021, a growth rate of 27%.
In a statement on Tadawul Saudi Arabia, Rital attributed the reason for the increase to the increase in gross profit by 21%, in addition to the improvement in the gross profit margin for the year 2022, which amounted to 26.8%, compared to a gross profit margin of 22.6% in the previous year, as a result of the increase in private profits. By selling residential units and lands during the year 2022 AD.
Retal Urban Development Company indicated that an increase in administrative, general and financing expenses was recorded, which is directly related to the increase in SIBOR rates (the interest rate between Saudi banks).
Retal Development also recorded an increase in the profits resulting from the company’s share in the returns of investments that are accounted for using the equity method, and the profits resulting from the sale of investments at fair value and other revenues, which was reflected in the improvement of the net profit margin rate, which amounted to 22.2% in 2022, compared to 2022. 17.8% in the previous year.
