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Sumou net profit up 18% to SAR 103M in 2023; Q4 at SAR 24.8M
24/03/2024
Argaam Exclusive
Sumou Real Estate Co. reported a net profit of SAR 103 million for 2023, an increase of 18% compared to SAR 87.6 million a year earlier, due to an increase in the company's revenue from real estate project management, in addition to lower costs incurred from construction works.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 282.42 | 273.82 | (3.0 %) |
| Gross Income | 76.70 | 116.05 | 51.3 % |
| Operating Income | 66.09 | 102.86 | 55.6 % |
| Net Income | 87.64 | 103.01 | 17.5 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.75 | 2.06 | 17.5 % |
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 66.44 | 79.55 | 19.7 % |
| Gross Income | 18.33 | 25.49 | 39.1 % |
| Operating Income | 14.71 | 20.56 | 39.8 % |
| Net Income | 15.72 | 24.78 | 57.6 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.31 | 0.50 | 57.6 % |
Q4 2023 net profit stood at SAR 24.8 million, a jump of 58% year-on-year (YoY).
On a quarterly basis, net profit decreased 13.5% from SAR 28.63 million.
Total shareholders’ equity, after minority interest, stood at SAR 536.71 million by Dec. 31, 2023, compared to SAR 534.18 million a year earlier.
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Share Price
Sumou Real Estate Co. (SUMOU)
| Current | |
| Market Cap (M Riyal) | 2,322.50 |
| Enterprise Value (EV) (M) | 2,122.77 |
| Shares Outstanding ((M)) | 50.00 |
| EPS ( Riyal) (TTM) | 2.16 |
| Book Value (BV) ( Riyal) | 11.66 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 21.10 |
| P/E (TTM) | 21.49 |
| Price/book | 3.98 |
| Return on Average Assets (%) (TTM) | 10.8 |
| Return on Average Equity (%) (TTM) | 19.4 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 52.73 | - | 12.69 | - | 9.74 | - |
| Q2 2023 | 66.97 | - | 43.05 | - | 40.58 | - |
| Q3 2023 | 74.57 | 24.5 % | 34.81 | 33.2 % | 31.98 | 33.3 % |
| Q4 2023 | 79.55 | 19.7 % | 25.49 | 39.1 % | 20.56 | 39.8 % |
| 2023 | 273.82 | (3.0 %) | 116.05 | 51.3 % | 102.86 | 55.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 8.92 | - | 0.18 | - | 8.92 | 0.18 |
| Q2 2023 | 40.68 | - | 0.81 | - | 40.68 | 0.81 |
| Q3 2023 | 28.63 | 8.2 % | 0.57 | - | 28.63 | 0.57 |
| Q4 2023 | 24.78 | 57.6 % | 0.50 | (2.04) | 26.81 | 0.54 |
| 2023 | 103.01 | 17.5 % | 2.06 | (2.04) | 105.04 | 2.10 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | 40.73 % | 37.07 % | 37.30 % |
| Q3 2023 | 41.77 % | 38.07 % | 36.04 % |
| Q4 2023 | 42.38 % | 38.38 % | 38.36 % |
| 2023 | 42.38 % | 38.38 % | 38.36 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 50.00 | - | - | 10.11 |
| Q2 2023 | 50.00 | 1.84 | 1.84 | 10.91 |
| Q3 2023 | 50.00 | 1.88 | 1.88 | 10.63 |
| Q4 2023 | 50.00 | 2.06 | 2.10 | 10.73 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | 3.31 |
| Q2 2023 | 20.20 | 20.20 | 3.40 |
| Q3 2023 | 19.03 | 19.03 | 3.37 |
| Q4 2023 | 15.54 | 15.24 | 2.98 |
Business Segments (Million)
Q4 2023
| Period | Real estate contracting | Real estate project management | investment | Joint assets and liabilities | Other activities |
|---|---|---|---|---|---|
| Q1 2023 | 39.99 | 12.74 | - | - | - |
| Q2 2023 | 20.75 | 46.22 | - | - | - |
| Q3 2023 | 38.69 | 35.88 | - | - | - |
| Q4 2023 | 61.35 | 18.20 | - | - | - |
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