Sumou profit up 8% to SAR 53.5M in H1 2024; slips 16% to SAR 34.4M in Q2

04/08/2024 Argaam Exclusive

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Sumou Real Estate Co. reported a net profit of SAR 53.5 million for the first half of 2024, an increase of 8% compared to SAR 49.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	119.70	208.29	74.0 %
Gross Income	55.74	51.31	(8.0 %)
Operating Income	50.32	43.48	(13.6 %)
Net Income	49.60	53.50	7.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.99	1.07	7.9 %

Sumou attributed the profit growth to an increase in the company's revenue as it started to develop and implement new real estate projects, in addition to higher investment returns in associates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	66.97	127.33	90.1 %
Gross Income	43.05	29.78	(30.8 %)
Operating Income	40.58	27.46	(32.3 %)
Net Income	40.68	34.38	(15.5 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.81	0.69	(15.5 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	80.97	127.33	57.3 %
Gross Income	21.53	29.78	38.3 %
Operating Income	16.02	27.46	71.4 %
Net Income	19.11	34.38	79.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.38	0.69	79.9 %

Q2 2024 net profit stood at SAR 34.4 million, a fall of 16% year-on-year (YoY), due to lower revenues generated from real estate project development management fees.

On a quarterly basis, net profit jumped 79.9% from SAR 19.11 million.

Total shareholders’ equity, after minority interest, stood at SAR 577.16 million by June 30, 2024, compared to SAR 545.34 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	26.85	-	9.47	-	(18.82)	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	113.17	321.6 %	101.56	972.6 %	85.16	552.4 %
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	257.75	127.8 %	93.51	(7.9 %)	80.28	(5.7 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	179.99	(30.2 %)	97.05	3.8 %	83.50	4.0 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	97.16	(46.0 %)	87.28	(10.1 %)	80.02	(4.2 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	103.13	6.1 %	61.59	(29.4 %)	53.28	(33.4 %)
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	59.91	-	26.14	-	24.00	-
Q4 2022	66.44	-	18.33	-	14.71	-
2022	282.42	173.9 %	76.70	24.5 %	66.09	24.1 %
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 %
Q1 2024	80.97	53.5 %	21.53	69.6 %	16.02	64.4 %
Q2 2024	127.33	90.1 %	29.78	(30.8 %)	27.46	(32.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	26.85	-	9.47	-	(18.82)	-
2017	113.17	321.6 %	101.56	972.6 %	85.16	552.4 %
2018	257.75	127.8 %	93.51	(7.9 %)	80.28	(5.7 %)
2019	179.99	(30.2 %)	97.05	3.8 %	83.50	4.0 %
2020	97.16	(46.0 %)	87.28	(10.1 %)	80.02	(4.2 %)
2021	103.13	6.1 %	61.59	(29.4 %)	53.28	(33.4 %)
2022	282.42	173.9 %	76.70	24.5 %	66.09	24.1 %
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 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	61.68	-	1.23	-	61.68	1.23
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	64.88	5.2 %	1.30	-	64.88	1.30
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	67.48	4.0 %	1.35	-	67.48	1.35
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	69.80	3.4 %	1.40	-	69.80	1.40
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	71.38	2.3 %	1.43	-	71.38	1.43
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	81.21	13.8 %	1.62	-	81.21	1.62
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	26.46	-	0.53	-	26.46	0.53
Q4 2022	15.72	-	0.31	-	15.72	0.31
2022	87.64	7.9 %	1.75	-	87.64	1.75
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
Q1 2024	19.11	114.2 %	0.38	-	19.11	0.38
Q2 2024	34.38	(15.5 %)	0.69	-	34.38	0.69

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	61.68	-	1.23	-	61.68	1.23
2017	64.88	5.2 %	1.30	-	64.88	1.30
2018	67.48	4.0 %	1.35	-	67.48	1.35
2019	69.80	3.4 %	1.40	-	69.80	1.40
2020	71.38	2.3 %	1.43	-	71.38	1.43
2021	81.21	13.8 %	1.62	-	81.21	1.62
2022	87.64	7.9 %	1.75	-	87.64	1.75
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 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	35.27 %	(65.62 %)	229.77 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	89.74 %	76.07 %	57.33 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	36.28 %	31.46 %	26.18 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	53.92 %	46.76 %	38.78 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	89.83 %	82.69 %	73.47 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	59.72 %	53.26 %	78.75 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	27.16 %	24.14 %	31.03 %
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 %
Q1 2024	41.35 %	36.88 %	38.15 %
Q2 2024	30.80 %	27.14 %	30.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	35.27 %	(65.62 %)	229.77 %
2017	89.74 %	76.07 %	57.33 %
2018	36.28 %	31.46 %	26.18 %
2019	53.92 %	46.76 %	38.78 %
2020	89.83 %	82.69 %	73.47 %
2021	59.72 %	53.26 %	78.75 %
2022	27.16 %	24.14 %	31.03 %
2023	42.38 %	38.38 %	38.36 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	43.64 %	40.92 %	44.17 %
Q4 2022	27.59 %	23.00 %	23.66 %
Q1 2023	24.07 %	19.50 %	16.92 %
Q2 2023	64.29 %	61.42 %	60.74 %
Q3 2023	46.69 %	43.64 %	38.40 %
Q4 2023	32.05 %	26.56 %	33.70 %
Q1 2024	26.59 %	20.50 %	23.61 %
Q2 2024	23.39 %	22.05 %	27.00 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	50.00	-	-	9.79
Q4 2022	50.00	-	-	10.68
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
Q1 2024	50.00	2.26	2.30	11.11
Q2 2024	50.00	2.14	2.18	11.57

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	50.00	1.23	1.23	4.79
2017	50.00	1.30	1.30	6.10
2018	50.00	1.35	1.35	6.47
2019	50.00	1.40	1.40	7.56
2020	50.00	1.43	1.43	8.02
2021	50.00	1.62	1.62	9.09
2022	50.00	1.75	1.75	10.68
2023	50.00	2.06	2.10	10.73

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	4.09
Q4 2022	-	-	3.48
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
Q1 2024	20.42	20.06	4.16
Q2 2024	18.94	18.59	3.50

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	34.66	34.66	6.17
2021	28.83	28.83	5.15
2022	21.20	21.20	3.48
2023	15.54	15.24	2.98

Business Segments (Million)

Compared With The

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	-	-	-
Q1 2024	61.21	19.76	-	-	-
Q2 2024	103.00	24.32	-	-	-

Period	Real estate contracting	Real estate project management	investment	Joint assets and liabilities	Other activities
2017	13.65	88.27	11.25	-	-
2018	201.70	56.05	-	-	-
2019	99.33	41.49	27.84	-	11.32
2020	1.00	92.52	3.64	-	-
2021	35.22	67.91	-	-	-
2022	214.79	67.63	-	-	-
2023	160.78	113.03	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,977.50
Enterprise Value (EV) (M)	1,812.23
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)	17.96
P/E (TTM)	18.30
Price/book	3.39
Return on Average Assets (%) (TTM)	10.9
Return on Average Equity (%) (TTM)	19.4

Sumou Real Estate Co. (SUMOU)

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Sumou profit up 8% to SAR 53.5M in H1 2024; slips 16% to SAR 34.4M in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Sumou Real Estate Co. (SUMOU)

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Sumou profit up 8% to SAR 53.5M in H1 2024; slips 16% to SAR 34.4M in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Sumou Real Estate Co. (SUMOU)

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Business Segments (Million)