Arab News, Tuesday, Jun 28, 2022 | Zul Qaadah 28, 1443
Saudi developer Retal Urban posts 62% profit growth after debuting on TASI
Saudi Arabia:
Retal Urban Development Co. has posted a 62 percent profit surge for the first
quarter of 2022, a day after it was listed on Saudi Arabia’s main stock market.
Profits of the Saudi developer rose to SR63.4
million ($17 million) in the first quarter, from SR39.3 million in the same
period a year earlier, according to a bourse filing.
The company attributed the profit growth, along
with a 27 percent jump in revenue, to “the increase in development contracts
revenues and sales of developed lands.”
Retal Urban, which offered 12 million shares,
representing 30 percent of its capital, raised SR1.44 billion in an initial
public offering.
The offer price was set at SR120 per share and
rose 0.83 percent to SR121 as the firm made its market debut on Monday, amid
trading of more than four million shares.