CEO said Retal Urban Development Abdullah Al-Braikan, said that the company’s quarterly results improved positively with the achievement of profits from discontinued operations through the sale of a subsidiary company worth 11.6 million riyals.
Al-Braikan indicated in an interview with Al-Arabiya that the decline in the revenues of development contracts comes with the company’s proximity to the completion of a project that represents 75 million riyals per quarter as revenue.
He stated that general and administrative expenses witnessed a decrease compared to the second quarter of 2021, which witnessed an increase in the number of employees.
He pointed out that Retal took into account the 2% increase in costs due to inflation when preparing project budgets, before pricing and selling projects.
Al-Braikan said that the company raised selling prices to include the increase in financing costs, in conjunction with reducing private costs, and improving the implementation of projects per square meter, reducing the percentage to 2.6%.
He pointed out that the group of projects under development constitutes 9 projects with a total of 2,850 units, with revenues of 3.3 billion riyals, in addition to 8 accumulated projects, including 2840 units, with revenues of 3.8 billion riyals.
Al-Braikan continued: “The company is studying 13 future projects with a number of units of approximately 6,212 units, with revenues of 6.4 billion riyals.”