Financial Results : Sumou Real Estate’s H1 2022 net profit falls 4% to SAR 45.5 mln

Sumou Real Estate’s H1 2022 net profit falls 4% to SAR 45.5 mln

03/08/2022 Argaam Exclusive

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Sumou Real Estate Co. reported a net profit after Zakat and tax of SAR 45.5 million for the first half of 2022, a 4% decline from SAR 47.5 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 33.34 156.08 368.2 %
Gross Income 28.66 32.22 12.4 %
Operating Income 24.08 27.39 13.7 %
Net Income 47.50 45.45 (4.3 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.95 0.91 (4.3 %)

The company’s operating revenue surged to SAR 156.1 million during the first six months, an increase of 368% year-on-year (YoY) due to an increase in the completion rate of its major projects.

 

In contrast, the net profit attributable to the shareholders decreased by 4.3% YoY, driven by a 22% YoY decline in the earnings from the associate company, Tanal Company for Investment and Real Estate Development.



Total shareholders’ equity, after minority interest, reached SAR 481.9 million at the end of June 30, 2022, compared to SAR 445.7 million a year before.

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