Financial Results : Sumou reports net profit surge to SAR 19.1M in Q1 2024

Sumou reports net profit surge to SAR 19.1M in Q1 2024

07/05/2024 Argaam Exclusive

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Sumou Real Estate Co. reported a net profit of SAR 19.1 million in Q1 2024, a more than two-fold increase from SAR 8.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 52.73 80.97 53.5 %
Gross Income 12.69 21.53 69.6 %
Operating Income 9.74 16.02 64.4 %
Net Income 8.92 19.11 114.2 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.18 0.38 114.2 %

This is spurred by implementing and developing new real estate projects, in addition to the increase in investments returns from associate companies.

 

On a quarterly basis, net earnings declined 22.9% from SAR 24.7 million in Q4 2023, due to lower revenue generated from real estate project management fees, as well as an increase in business development expenses.

 

Shareholders’ equity, after minority interest, reached SAR 555.74 million by March 31, 2024, compared to SAR 505.61 million in the prior year period

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