Banan Real Estate net profit up 9% to SAR 26.5 mln in 2022

21/03/2023 Argaam Exclusive

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Banan Real Estate Co. posted a net profit of SAR 26.5 million in 2022, a 9% increase from SAR 24.3 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	18.90	59.30	213.7 %
Gross Income	16.31	47.94	194.0 %
Operating Income	12.38	42.71	244.9 %
Net Income	24.33	28.22	16.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.12	0.14	16.0 %

The positive performance was driven by higher rental revenue due to the acquisition of a hotel apartment building in Al-Sulaimaniyah district, the Plaza 46 building in Qurtoba district, and the operating of the Block 14 building in the northern Al-Maather district.

This is in addition to rental revenue in the subsidiary company as a result of the acquisition of a commercial building in Al-Yasmeen district and including additional floors in Al-Haqbani centers in Al-Takhasosi Street, as well as raising stake in the subsidiary company by 3.5%.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	9.99	28.22	182.6 %
Gross Income	8.65	23.69	173.9 %
Operating Income	6.35	22.11	248.1 %
Net Income	11.42	13.24	16.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.06	0.07	16.0 %

Item	H1 2022	H2 2022	Change‬
Revenues	31.07	28.22	(9.2 %)
Gross Income	24.26	23.69	(2.3 %)
Operating Income	20.60	22.11	7.3 %
Net Income	14.98	13.24	(11.6 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.07	0.07	(11.6 %)

Shareholders’ equity, no minority interest, stood at SAR 352.70 million as of Dec. 31, 2022, compared to SAR 338.83 million a year earlier.

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