Sumou Real Estate Co. said third-quarter net profit attributable to shareholders fell 12.7% to SR42.9 million from SR49.15 million a year earlier, as land sales declined.
The Saudi developer reported the preliminary results to the Saudi Exchange on Sunday, Mubasher reported. The year-earlier quarter included revenue from land sales and real estate services, while this quarter’s revenue came mainly from property development and construction projects, the company said.
Revenue rose 11.3% to SR165.29 million from SR148.58 million. Property development revenue grew 25% and contracting revenue jumped 344%, offsetting lower land sales and real estate services income.
Gross profit fell 12% to SR52.28 million. Operating profit dropped 17.5% to SR44.11 million.
Compared with the second quarter, net profit rose 36.3% from SR31.47 million, and revenue increased 11.2%.
For the first nine months of 2026, net profit rose 1.3% to SR110 million from SR108.59 million. Revenue climbed 41% to SR499.49 million. Earnings per share for the period were SR2.20, compared with SR2.17 a year earlier.
Separately, the board recommended buying back 1 million of the company’s ordinary shares to hold as treasury stock, saying the current market price does not reflect their fair value. The purchase will be funded from the company’s own cash and needs approval at an extraordinary general meeting, with a date to be set later.
The company currently holds no treasury shares. Shares held in treasury will carry no voting rights and will not receive dividends.
