Saudi developer Sumou's H1 profits fall despite reporting 368% rise in revenue

Arab News: Sumou Real Estate Co. has reported a 4.3 percent decline in profit during the first half of 2022, despite a 368 percent growth in the company's revenues.

The developer's net profit reached SR45 million ($12 million), down from SR47 million in the prior-year period, according to a bourse filing.

Revenues of Sumou reached SR156 million, up from SR33 million it made in the same period of last year.

Somou attributed the lower profits to a 22 percent drop in earnings from its associate company.

In a separate announcement, the developer declared a dividend of SR0.50 per share to its shareholders for the first half of the year.

Arab Contribution Time: 03-Aug-2022 21:56 (GMT)
Arab Last Update Time: 03-Aug-2022 21:56 (GMT)