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.
| 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 | 37.50 | 37.50 | - |
| EPS (Riyals) | 0.24 | 0.51 | 114.2 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 79.55 | 80.97 | 1.8 % |
| Gross Income | 25.49 | 21.53 | (15.5 %) |
| Operating Income | 20.56 | 16.02 | (22.1 %) |
| Net Income | 24.78 | 19.11 | (22.9 %) |
| Average Shares | 37.50 | 37.50 | - |
| EPS (Riyals) | 0.66 | 0.51 | (22.9 %) |
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
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}