Financial Results : Sumou Real Estate posts 32% profit rise to SAR 47.5 mln in H1 2021

Sumou Real Estate posts 32% profit rise to SAR 47.5 mln in H1 2021

16/08/2021 Argaam Exclusive

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Sumou Real Estate Co. reported a net profit after Zakat and tax of SAR 47.5 million for the first half of 2021, a 32% increase from SAR 36.1 million in the year-earlier period.

 

The company attributed the profit rise to achieving investment returns through the share of results of associate companies, in addition to early repayment of bank loans.

 

This led to a decrease in financing costs compared to the same period of the previous year.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 49.91 33.34 (33.2 %)
Gross Income 46.09 28.66 (37.8 %)
Operating Income 40.19 24.08 (40.1 %)
Net Income 36.05 47.50 31.8 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.72 0.95 31.8 %

Shareholders' equity, without minority rights, amounted to SAR 445.7 million in H1 2021, compared to SAR 388.9 million as at the end of the same period a year ago.



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