Sumou Profits Increase 13.7% by end of 2021 to SR81.2 mln

Sumou Real Estate Company net profit after zakat and tax, increased to SR81.2 million during the year 2021, compared to SR71.38 million during the year 2020, at a rate of 13.77%.

This came after Sumou announcement on Sunday of the annual financial results ending on 31.12.2021 (12 months).

The operational profit during the current period amounted to SR53.27 million, compared to SR80.02 million during the same period last year, a decrease of 33.42%.

The gross profit during the current period, it amounted to SR103.13 million, compared to SR97.158 million during the same period last year, an increase of 6.14%.

Profits per share during the current period amounted to SR2.16, compared to SR1.9 during the same period last year.

The current year Company Net Profit increased by 13.77% Compared with prior year Net profit by the following reasons:

– The company operating revenues for the year 2021 increased up to SR103 Million, increasing by 6% compared to the operating revenues of prior year.

– During the current year, the company recognized return on investment amounted SR 31.7 Million as share of investment results in associates.

– Early settlement for outstanding loans obtained from one of commercial bank which lead to decreasing financial Cost by 79% compared to Prior Year Financial Cost.

The company said in a statement that certain comparative figures have been reclassified to conform to the presentation in the current period.