Financial Results : Sumou profit grows 3% to SAR 106.6M in 2024; Q4 at SAR 23.3M

Sumou profit grows 3% to SAR 106.6M in 2024; Q4 at SAR 23.3M

09/03/2025 Argaam Exclusive

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Sumou Real Estate Co. (Sumou) reported a net profit of SAR 106.6 million for 2024, a 3% growth from SAR 103 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 273.82 429.51 56.9 %
Gross Income 116.05 108.83 (6.2 %)
Operating Income 102.86 91.75 (10.8 %)
Net Income 103.01 106.60 3.5 %
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Riyals) 2.10 2.13 1.5 %
EPS (Riyal) 2.06 2.13 3.5 %

Sumou cited higher completion rates in the real estate projects licensed for sale off-plan in 2024 compared to 2023, in addition to increased revenue from contracting activities in 2024 compared to the year before.

 

Additionally, Sumou’s profit share from investments in companies accounted for using the equity method increased to SAR 16.6 million in 2024, compared to SAR 8.5 million in 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 79.55 111.88 40.6 %
Gross Income 25.49 24.89 (2.4 %)
Operating Income 20.56 18.34 (10.8 %)
Net Income 24.78 23.33 (5.8 %)
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Riyal) 0.54 0.47 (13.0 %)
EPS (Riyal) 0.50 0.47 (5.8 %)

Q4 2024 net earnings slipped 6% to SAR 23.3 million from SAR 24.7 million in the year-earlier period.

 

On a sequential basis, net profit slumped 21.7% from SAR 29.78 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 633.69 million by Dec. 31, 2024, compared to SAR 536.71 million a year earlier.

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