Sumou Real Estate Co. announces its Annual Financial results for the period ending on 31-12-2023

Sumou Real Estate Co. announces its Annual Financial results for the period ending on 31-12-2023

Element List

Explanation

The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year

The reason for the decrease in revenues for the financial year ending on December 31, 2023 by (3.04%) compared to the previous year is due to the following reasons: - A decrease in revenues generated from construction works from 44 million Saudi riyals to 29 million Saudi riyals as a result of the completion of the implementation of some construction projects.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

The reason for the increase in net profit for the financial year ending on December 31, 2023 by 17.2% compared to the similar period of the previous year is due to the following reasons: - An increase in the company's revenues generated from revenues from real estate project management, in addition to a decrease in the costs incurred from construction work.

Statement of the type of external auditor's report

Unmodified opinion

Comment mentioned in the external