‎“Sumou Real Estate” profits increased to SR87.6 mln during ‎‎2022, by 8%‎

Sumou Real Estate Company revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 87.6 million riyals, compared to 81.2 million riyals in the previous year, by 7.9%. This came after today’s announcement of the annual financial results ending in 12-2022. -31.

Operational profit amounted to 65.3 million riyals during the year ending on December 31, 2022, compared to 53.2 million riyals in the previous year, an increase of 22.6%.

The total shareholders’ equity “without minority rights” amounted to 534.1 million riyals in the current year, compared to 454.5 million riyals in the previous year, with a growth of 17.5%.

Earnings per share in the current year reached 2.34 riyals, compared to 2.16 riyals in the previous year.

– The reason is due to the increase in net profit for the year 2022 compared to net profit for 2021 by 8%, due to the following reasons:-

– The company’s operating revenues for the year 2022 increased to 282 million Saudi riyals, an increase of 174% compared to the operating revenues of last year, which amounted to 103 million Saudi riyals. The main reason for the increase in revenues is due to the high percentage of completion of the company’s projects during the year.

– The decrease in financing costs for the year 2022 compared to the year 2021, by a decrease of 82%, due to the company’s reliance on self-financing for the company’s projects.