Sumou profit jumps 8% to SAR 87.6 mln in 2022

23/03/2023 Argaam Exclusive

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Sumou Real Estate Co. reported a net profit of SAR 87.6 million for 2022, an 8% rise from SAR 81.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	103.13	282.42	173.9 %
Gross Income	61.59	76.70	24.5 %
Operating Income	53.28	66.09	24.1 %
Net Income	81.21	87.64	7.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.62	1.75	7.9 %

The company cited an increase in the full-year operating revenues to SAR 282 million, compared to SAR 103 million in 2021, mainly due to the high ratio of project completion during the year.

Finance costs fell by 82% year-on-year in 2022 due to reliance on own resources.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬

Shareholders’ equity, after minority interest, rose to SAR 534.18 million as of Dec. 31, 2022, from SAR 454.57 million a year earlier.

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