Riyadh – Sumou Real Estate Company signed a development agreement worth SAR 403 million with the National Housing Company in Riyadh for Area No. 1/B of Dahiyat Al Fursan 1 and 2.

Upon the 42-month deal, the Saudi listed firm will build residential units on allocated lands spanning 82,482 square metres, according to a bourse filing.

Sumou Real Estate noted that the project will be financed based on off-plan sales and equity, expecting that it will reflect positively on its financial results once sales and execution of the project commence.

Last month, the two entities penned a development agreement at a total value of SAR 540 million for Al Samiya residential project in Madinah.

During the first half (H1) of 2022, Sumou Real Estate generated net profits after Zakat and tax worth SAR 45.45 million, an annual slide of 4.30% from SAR 47.49 million.

In the January-June 2022 period, the real estate developer’s revenues enlarged by 368.20% year-on-year (YoY) to SAR 156.07 million from SAR 33.33 million.

The earnings per share (EPS) stood at SAR 1.21 in H1-22, lower than SAR 1.27 in H1-21.

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