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RIYADH: Shares Retal Urban Development Co. declined 4.81 percent at the closing bell of Tuesday, despite posting a 10 percent profit growth for the first half of 2022, boosted by higher revenue.
Profits of the Saudi developer rose to SR93.5 million ($25 million) in the first half, from SR84.69 million in the same period a year earlier, according to a bourse filing.
The company attributed the profit growth to a 9 percent increase in revenues, as well as higher investment returns.
The board of the developer, in a separate announcement, proposed a SR2 per share in cash dividends for the first half of 2022.