Riyadh – Sumou Real Estate Company penned a development management agreement with Asmou Real Estate Development Company at a value of SAR 120 million.

The 24-month deal covers a mixed-use high-rise towers project in Jeddah, according to a bourse disclosure.

Sumou Real Estate highlighted that the agreement will have a positive impact on its financial results, starting from the signing date on 1 October 2023.

In the first half (H1) of 2023, the listed firm logged net profits after Zakat and tax valued at SAR 49.59 million, up 9.12% from SAR 45.45 million in H1-22.

Revenues declined by 23.31% to SAR 119.69 million as of 30 June 2023 from SAR 156.07 million a year earlier, while the earnings per share (EPS) increased to SAR 1.32 from SAR 1.21.

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