Sumou 9M 2024 profit up 6% to SAR 83.3M; Q3 at SAR 29.8M

10/11/2024 Argaam Exclusive

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Sumou Real Estate Co. posted a 6% profit increase in the first nine months of 2024 to SAR 83.3 million, compared to SAR 78.2 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	194.27	317.63	63.5 %
Gross Income	90.56	83.94	(7.3 %)
Operating Income	82.30	73.41	(10.8 %)
Net Income	78.23	83.28	6.4 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.56	1.67	6.4 %

The company's topline increased by 64% due as revenues from real estate projects rose to SAR 216 million, from SAR 99 million in 9M 2023, recording the highest level ever.

The share of investment returns accounted for using the equity method increased to reach SAR 10.3 million, while other revenues rose to SAR 5.5 million.

On the other hand, general and administrative expenses expanded to SAR 10.5 million from SAR 8.2 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	74.57	109.33	46.6 %
Gross Income	34.81	32.63	(6.3 %)
Operating Income	31.98	29.93	(6.4 %)
Net Income	28.63	29.78	4.0 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.57	0.60	4.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	127.33	109.33	(14.1 %)
Gross Income	29.78	32.63	9.6 %
Operating Income	27.46	29.93	9.0 %
Net Income	34.38	29.78	(13.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.69	0.60	(13.4 %)

In Q3 2024, net profit rose 4% to SAR 29.8 million from SAR 28.6 million in Q3 2023.

Sequentially, net profit fell 13.4% from SAR 34.38 million in Q2 2024.

Shareholders’ equity, excluding minority interest, reached SAR 582.89 million as of Sept. 30, 2024, up from SAR 531.28 million a year earlier.

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