Saudi: Retal’s Q1-24 net profits leap 50%; revenues cross $133.46mln

Reuters/Faisal Al Nasser

On a quarterly basis, the Q1-24 net profits jumped by 10.50%

Staff Writer, Mubasher

May 10, 2024

PHOTO

Riyadh – The net profits after tax of Retal Urban Development Company hiked by 49.92% to SAR 62.28 million in the first quarter (Q1) of 2024, versus SAR 41.54 million in Q1-23.

The Saudi firm generated revenues valued at SAR 500.63 million as of 31 March 2024, up 56.64% year-on-year (YoY) from SAR 319.60 million, according to the interim financials.

Earnings per share (EPS) increased to SAR 0.12 in the first three months (3M) of 2024 from SAR 0.08 a year earlier.

On a quarterly basis, the Q1-24 net profits jumped by 10.50% from the SAR 56.36 million registered in Q4-23, while the revenues increased by 11.71% from SAR 448.15 million.

In 2023, the company’s net profits dropped by 17.66% YoY to SAR 202.35 million from SAR 245.74 million.

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