Sumou Real Estate 9M 2023 profit up 9% to SAR 78.2 mln; Q3 at SAR 28.6 mln

05/11/2023 Argaam Exclusive

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Share Price

Sumou Real Estate Co.
56.20
(0.90) (1.58 %)

Sumou Real Estate Co. (SUMOU)

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Sumou Real Estate Co. posted a 9% profit increase in the first nine months of 2023 to SAR 78.2 million, compared to SAR 71.9 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 215.99 194.27 (10.1 %)
Gross Income 58.37 90.56 55.1 %
Operating Income 51.39 82.30 60.2 %
Net Income 71.92 78.23 8.8 %
Average Shares 37.50 37.50 -
EPS (Riyals) 1.92 2.09 8.8 %

The profit increase was driven by higher revenue generated from real estate project management, in addition to lower costs incurred from construction work.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 59.91 74.57 24.5 %
Gross Income 26.14 35.18 34.5 %
Operating Income 24.00 32.35 34.8 %
Net Income 26.46 28.63 8.2 %
Average Shares 37.50 37.50 -
EPS (Riyals) 0.71 0.76 8.2 %

In Q3 2023, net profit rose 8% to SAR 28.6 million from SAR 26.4 million in Q3 2022, due to higher revenue from real estate project management, in addition to lower costs incurred from construction work. 

 

Shareholders’ equity, excluding minority interest, reached SAR 531.28 million as of Sept. 30, 2023, up from SAR 489.70 million a year earlier.

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