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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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	50.00	50.00	-
EPS (Riyals)	1.44	1.56	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	34.81	33.2 %
Operating Income	24.00	31.98	33.3 %
Net Income	26.46	28.63	8.2 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.53	0.57	8.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	66.97	74.57	11.3 %
Gross Income	43.05	34.81	(19.1 %)
Operating Income	40.58	31.98	(21.2 %)
Net Income	40.68	28.63	(29.6 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.81	0.57	(29.6 %)

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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