Latest news with #SumouRealEstateCompany
Zawya
30-04-2025
- Business
- Zawya
Saudi: Sumou Real Estate records 17% higher profits in Q1-25
Sumou Real Estate Company logged net profits amounting to SAR 22.36 million in the first quarter (Q1) of 2025, an annual growth of 16.99% from SAR 19.11 million. The company's sales hiked by 25.34% year-on-year (YoY) to SAR 101.49 million in Q1-25 from SAR 80.96 million, according to the interim financial results. Earnings per share (EPS) stood at SAR 0.44 in the first three months (3M) of 2025 from SAR 0.38 a year earlier. Quarterly, the Q1-25 net profits dropped by 4.14% from SAR 23.32 million in Q4-24, while the revenues retreated by 9.28% from SAR 111.88 million. Earlier in April, Sumou Real Estate inked a SAR 680 million development agreement with the National Housing Company to establish more than 900 Residential Villas in the Makkah Gate project. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
22-04-2025
- Business
- Zawya
Saudi: Sumou Real Estate awarded $181mln development agreement
Riyadh – Sumou Real Estate Company announced a SAR 680 million development deal with the National Housing Company to establish more than 900 Residential Villas in the Makkah Gate project. The company was awarded the project on 20 April 2025, according to a bourse disclosure. The Tadawul-listed company will announce any future developments regarding the award, and upon signing the sub-development contract with the National Housing. Last February, Sumou Real Estate penned a SAR 130 million credit facilities deal with Saudi Awwal Bank (SAB). Source: Mubasher
Zawya
06-02-2025
- Business
- Zawya
Saudi: Sumou Real Estate secures $34.6mln loan from SAB
Riyadh: Sumou Real Estate Company inked a credit facilities agreement with Saudi Awwal Bank (SAB) at an amount of SAR 130 million. The financing is valid for 48 months starting from 4 February 2025, according to a bourse filing. The company will use the loan to issue a bank guarantee letter under the contract signed with the Jubail and Yanbu Industrial Cities Services Company (Jabeen) at SAR 1.30 billion. The agreement covers developing essential and secondary infrastructure works, as well as designing and constructing 1,104 residential units in Yanbu Industrial City.
Zawya
30-01-2025
- Business
- Zawya
Sumou to build $17mln commercial projects in Saudi Arabia
Sumou Real Estate Company has signed two development contracts with the Saudi Railway Company (SAR) valued at 64.4 million Saudi riyals ($17.17 million). The first contract is to develop the Al-Malaz commercial project in Riyadh at the cost of SAR 34.87 million within 26 months of receiving the site, the company said in a statement to the Saudi stock exchange on Thursday. In a separate filing, the company said the second contract is to develop the SAR 29.57-million Arina commercial project in Dammam within 33 months of receiving the site. The two projects are expected to positively impact the developer's financial results, the statements said. (Editing by Anoop Menon) (
Zawya
28-01-2025
- Business
- Zawya
Sumou launches real estate fund to develop $533mln projects in Saudi Arabia
Saudi-listed Sumou Real Estate Company, part of Sumou Holding, entered a tripartite deal to set up a real estate fund to develop projects worth 2 billion Saudi riyals ($533.20 million) nationwide. The other two parties in the fund are AlJazira Capital and Sumou Global Investment Company, a related company. Sumou will act as the developer of the projects and will receive a development fee of 10 percent of the development costs, the company said in a statement to the Saudi stock exchange on Tuesday. The fund will acquire land in Riyadh to develop more than 800 residential units. Additionally, it will buy Sumou land plots in Dammam and Khobar for SAR 90.67 million. On Sunday, Sumou Investment, also a part of Sumou Holding, had inked a quadripartite agreement valued at $2 billion with Egypt's MIDAR and local firms ADEER International and Hassan Allam Properties to invest in real estate projects in Egypt. Read more: (Editing by Anoop Menon) (
