Sumou Real Estate Co. reported a net profit after Zakat and tax of SAR 45.5 million for the first half of 2022, a 4% decline from SAR 47.5 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 33.34 | 156.08 | 368.2 % |
| Gross Income | 28.66 | 32.22 | 12.4 % |
| Operating Income | 24.08 | 27.39 | 13.7 % |
| Net Income | 47.50 | 45.45 | (4.3 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.95 | 0.91 | (4.3 %) |
The company’s operating revenue surged to SAR 156.1 million during the first six months, an increase of 368% year-on-year (YoY) due to an increase in the completion rate of its major projects.
In contrast, the net profit attributable to the shareholders decreased by 4.3% YoY, driven by a 22% YoY decline in the earnings from the associate company, Tanal Company for Investment and Real Estate Development.
Total shareholders’ equity, after minority interest, reached SAR 481.9 million at the end of June 30, 2022, compared to SAR 445.7 million a year before.
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