Latest news with #Retal
Argaam
19-05-2025
- Business
- Argaam
Retal studies new projects worth SAR 15B: CFO
Retal Urban Development Co. is currently studying projects valued at SAR 15 billion and is working to accelerate their conversion into actual projects within its portfolio, said CFO Ammar Al-Ghoul. In an exclusive interview on the sidelines of the Argaam Summit held last week in Riyadh, he added that a large percentage of these projects are being carried out in collaboration with real estate development funds. This allows the company to take advantage of such development services and cross-selling through its affiliated ecosystem, which includes project management, design, and real estate services. The company's projects are distributed as follows: 53% in the Central Region in Riyadh, 40% in the Eastern Province, and the remaining portion in the Western Province, he added. Al-Ghoul noted that Retal delivered strong financial performance in Q1 2025, driven by higher project completion rates and contractual sales of about SAR 1 billion, which is equivalent to one-third of 2024's entire contractual sales of SAR 3 billion. Retal's real estate portfolio is divided into direct development and development through real estate investment funds. The direct development portfolio is valued at about SAR 17.5 billion and includes about 9,200 housing units, while the REITs portfolio is estimated at SAR 13 billion. The company sold about 70% of the units within the direct development portfolio, with varying completion rates depending on the project, said the top executive. Regarding the impact of the decision to impose fees on idle land, Al-Ghoul stressed that the decision came at the right time, adding that it will encourage the utilization of idle land within urban boundaries. Thus, it will boost market supply, achieve balance in prices, and open new opportunities for developers like Retal to offer affordable housing products that have a positive impact on sales.
Trade Arabia
18-03-2025
- Business
- Trade Arabia
Retal awards contract to build 371 residences in Riyadh
Saudi-based Retal Urban Development Company has announced that it has awarded a SAR493 million ($131 million) contract to one of its key subsidiaries, Building Construction Company, for a major project in capital Riyadh. As per the deal, Building Construction Company will be responsible for the construction of 371 residential units and other project infrastructure works at its Sidra development in Riyadh city, said Retal in its filing to Saudi bourse Tadawul. The entire work will be completed within a 30-month period, it added. On the financial impact, Retal said the project is expected to have a positive impact on the company's results post the start of the project execution for 2025, 2026 & 2027. This is the second big win for Building Construction Company this year as in January it had clinched a contract from Retal to build 285 residential units in Murcia zone, Khozam suburb in Riyadh.-
Zawya
17-03-2025
- Business
- Zawya
Retal Urban Development's JV Signs $120mln MEP contract for Al Khobar projects
Saudi-listed Retal Urban Development Company announced on Monday that Remal Al Khobar Real Estate Company, a 50 percent-owned joint venture, has signed a 450 million Saudi riyals ($120 million) contract with Specialised Construction Company to carry out finishing and MEP (Mechanical, Electrical, and Plumbing) works for the Retal Rise residential project and Nobu Hotel in Al Khobar. Retal Rise is a 129-unit residential development and Nobu Hotel Al Khobar is a 101-room luxury hotel with 62 serviced residences, managed by Nobu, along with the Nobu Restaurant and Café. The contract is set to be executed within 15 months from the effective date, Retal said in a stock exchange statement. Remal Al Khobar Real Estate Company is 50 percent owned by Retal, while Specialized Construction Company is 40 percent indirectly owned by Retal. The statement said there are no preferential benefits granted under the agreement between the two entities. (Writing by Majda Muhsen; Editing by Anoop Menon)
Zawya
03-03-2025
- Business
- Zawya
Retal's sales hit $533mln in 2024; dividends for H2 unveiled
Riyadh – Retal Urban Development Company logged net profits after tax valued at SAR 266.12 million in 2024, an annual rise of 31.51% from SAR 202.35 million. Sales hiked by 50.92% year-on-year (YoY) to SAR 2.06 billion at the end of December 2024 from SAR 1.36 billion, according to the financial results. The earnings per share (EPS) increased to SAR 0.53 at the end of December 2024 from SAR 0.40 in 2023. Cash Dividends for H2-24 The board members approved cash dividends amounting to SAR 55 million, representing 11% of the capital, for the second half (H2) of 2024. A dividend of SAR 0.11 per share will be distributed for 500 million eligible shares. Retal noted that the eligibility and payment dates will be 4 and 15 May 2025, respectively. In December 2024, the Tadawul-listed group inked a SAR 349 million deal with its subsidiary Building Construction Company Limited. Source: Mubasher
