RIYADH: 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.