March 30, 2023

Dubai Week

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Completion rates delay accounting for sales of 7.5 billion riyals for 2023

He confirmed that 90% of his business portfolio is in government agencies

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Abdullah Bin Faisal Al-Buraikan, CEO of “Retal Urban Development” Company, said in an interview to “Al-Arabiya” that the company’s delayed sales volume is approximately 7.5 billion riyals.

Al-Buraikan explained that the company has about 2,500 sold homes, starting in 2023 and earning according to completion rates.

He also said that about 90% of the “retail development” business portfolio is in state-owned enterprises (National Housing and Roshan).

Riedel Urban Development Company announced that it will record 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 report on Tadaul Saudi Arabia, Rital attributed the increase in gross profit to 21%, apart from a rise in gross profit margin to 26.8% for 2022. Profit margin was 22.6% in the previous year as a result of increase in private profits. 2022 by selling residential units and plots.

Riedel Urban Development Corporation has recorded an increase in administrative, general and financial expenses, which is directly related to the increase in SIBOR rates (Saudi Interbank Interest Rate).

Retail development profit increased as a result of the Company’s share of earnings on investments accounted for using the equity method and gains on sale of investments at fair value and other earnings. Net profit margin ratio, which was 22.2% in 2022, compared to 2022, 17.8% in the previous year.

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