Sumou profit up 8% to SAR 53.5M in H1 2024; slips 16% to SAR 34.4M in Q2

04/08/2024 Argaam Exclusive

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Sumou Real Estate Co. reported a net profit of SAR 53.5 million for the first half of 2024, an increase of 8% compared to SAR 49.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	119.70	208.29	74.0 %
Gross Income	55.74	51.31	(8.0 %)
Operating Income	50.32	43.48	(13.6 %)
Net Income	49.60	53.50	7.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.99	1.07	7.9 %

Sumou attributed the profit growth to an increase in the company's revenue as it started to develop and implement new real estate projects, in addition to higher investment returns in associates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	66.97	127.33	90.1 %
Gross Income	43.05	29.78	(30.8 %)
Operating Income	40.58	27.46	(32.3 %)
Net Income	40.68	34.38	(15.5 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.81	0.69	(15.5 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	80.97	127.33	57.3 %
Gross Income	21.53	29.78	38.3 %
Operating Income	16.02	27.46	71.4 %
Net Income	19.11	34.38	79.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.38	0.69	79.9 %

Q2 2024 net profit stood at SAR 34.4 million, a fall of 16% year-on-year (YoY), due to lower revenues generated from real estate project development management fees.

On a quarterly basis, net profit jumped 79.9% from SAR 19.11 million.

Total shareholders’ equity, after minority interest, stood at SAR 577.16 million by June 30, 2024, compared to SAR 545.34 million a year earlier.

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