Sumou Real Estate Co. — Earnings Release 2020

Feb 28, 2021

Sumou Real Estate Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

4323 · 28/02/2021 15:21:34 · Announcement #62041 · View on Saudi Exchange

Sumou Real Estate Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	97,158,599	179,985,634	-46.018
Gross Profit (Loss)	92,094,619	97,050,966	-5.106
Operational Profit (Loss)	80,022,118	83,497,016	-4.161
Net Profit (Loss) after Zakat and Tax	71,381,226	69,798,013	2.268
Total Comprehensive Income	60,681,444	60,353,967	0.542
Total Share Holders Equity (after Deducting Minority Equity)	401,116,415	377,934,971	6.133
Profit (Loss) per Share	2.79	2.7
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The increase in net profits (2.3%) despite the decrease in the current year’s revenues compared to the previous year (46%) is due to the fact that the company had a contract for the implementation of integrated development work (management and execution) and corresponding to the existence of direct costs for this contract. The completion of this contract was 2019, which was also reflected in the decrease in the cost of revenues to the same extent, and then the total profit of the company was not affected to the same extent, as it decreased by only 5.1%. In addition to the decrease in the administrative and general expenses of the company by 11% and the financing costs decreased by 34% as a result of its repayment of part of the existing loans and the decrease in the SIBOR rate during 2020.
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	Certain Reclassification has been made to the comparative figures for the previous year to comply with the current year classification.

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