Riyadh – Mubasher: Sumou Real Estate Company’s net profit for 2020 increased by 2.3% on a yearly basis, reaching SAR 71.38 million.

Revenues of the real estate developer shrank by 46% in 2020 to SAR 97.2 million from SAR 179.99 million in 2019, according to a bourse disclosure on Sunday.

Meanwhile, the board of directors recommended raising the company’s capital by 50% or SAR 125 million through distributing stock dividends of one share for every two shares.

The new capital will be SAR 375 million, Sumou said in a separate bourse statement.

The capital increase will be financed from the company’s retained earnings. It will support the firm’s financial position in line with its future expansions.