Banan Real Estate net profit up 43% to SAR 23.6 mln in 2021

21/03/2022 Argaam Exclusive

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Banan Real Estate Co. reported a net profit after Zakat and tax of SAR 23.6 million for 2021, a 43% increase, from SAR 16.5 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	12.49	18.90	51.3 %
Gross Income	10.80	16.31	51.0 %
Operating Income	7.98	12.38	55.2 %
Net Income	16.50	24.33	47.5 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.08	0.12	47.5 %

The profit surge was attributed to higher rental income, mainly due to the acquisition of a building in Riyadh’s Al-Malqa district, in addition to rent yield increases from the fully-occupied Voyage Hotel in Riyadh.

Higher profits in operations of its subsidiary, Al Azizia Commercial Investment Co., were also cited as a reason for the increase by the company.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬

Total shareholders’ equity, excluding minority interest, grew 6.2% to SAR 338.835 million from SAR 319.059 million a year ago.

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