Banan Real Estate H1 2021 profit rises 53% to SAR 12.9 mln

31/08/2021 Argaam Exclusive

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Banan Real Estate Co. reported a net profit after Zakat and tax of SAR 12.9 million in H1 2021, an increase of 53%, compared to SAR 8.5 million in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	6.25	8.92	42.7 %
Gross Income	4.97	7.66	54.1 %
Operating Income	3.35	6.03	80.2 %
Net Income	8.46	12.91	52.6 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.04	0.06	52.6 %

The profit jump was driven by higher profit share from associates and joint ventures, in addition to higher rental income.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2020	H1 2021	Change‬
Revenues	6.25	8.92	42.7 %
Gross Income	4.97	7.66	54.1 %
Operating Income	3.35	6.03	80.2 %
Net Income	8.46	12.91	52.6 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.04	0.06	52.6 %

Item	H2 2020	H1 2021	Change‬
Revenues	6.24	8.92	42.8 %
Gross Income	5.83	7.66	31.4 %
Operating Income	4.63	6.03	30.2 %
Net Income	8.04	12.91	60.7 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.04	0.06	60.7 %

The company obtained the Capital Market Authority’s (CMA) approval to list shares on Nomu Parallel Market on June 28, while shares began trading on Aug. 11.

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