Sumou Real Estate 9M 2023 profit up 9% to SAR 78.2 mln; Q3 at SAR 28.6 mln
05/11/2023
Argaam Exclusive
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Sumou Real Estate Co. posted a 9% profit increase in the first nine months of 2023 to SAR 78.2 million, compared to SAR 71.9 million in the year-earlier period.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 215.99 | 194.27 | (10.1 %) |
| Gross Income | 58.37 | 90.56 | 55.1 % |
| Operating Income | 51.39 | 82.30 | 60.2 % |
| Net Income | 71.92 | 78.23 | 8.8 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.44 | 1.56 | 8.8 % |
The profit increase was driven by higher revenue generated from real estate project management, in addition to lower costs incurred from construction work.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 59.91 | 74.57 | 24.5 % |
| Gross Income | 26.14 | 34.81 | 33.2 % |
| Operating Income | 24.00 | 31.98 | 33.3 % |
| Net Income | 26.46 | 28.63 | 8.2 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.53 | 0.57 | 8.2 % |
In Q3 2023, net profit rose 8% to SAR 28.6 million from SAR 26.4 million in Q3 2022, due to higher revenue from real estate project management, in addition to lower costs incurred from construction work.
Shareholders’ equity, excluding minority interest, reached SAR 531.28 million as of Sept. 30, 2023, up from SAR 489.70 million a year earlier.
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 % |
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 |
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 % |
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 |
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 |
Business Segments (Million)
Q3 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 | - | - | - |
| Current | |
| Market Cap (M Riyal) | 1,965.00 |
| Enterprise Value (EV) (M) | 1,765.27 |
| 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) | 17.85 |
| P/E (TTM) | 18.19 |
| Price/book | 3.37 |
| Return on Average Assets (%) (TTM) | 10.8 |
| Return on Average Equity (%) (TTM) | 19.4 |
Share Price
Sumou Real Estate Co. (SUMOU)
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