Banan Real Estate’s H1 2022 net profit rises 16% to SAR 15 mln

16/08/2022 Argaam Exclusive

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Banan Real Estate Co. reported a net profit after Zakat and tax of SAR 15 million in H1 2022, a 16% surge from SAR 12.9 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	8.92	31.07	248.5 %
Gross Income	7.66	24.26	216.7 %
Operating Income	6.03	20.60	241.6 %
Net Income	12.91	14.98	16.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.06	0.07	16.0 %

This was triggered by an increase in rental income after the acquisition of furnished apartment building in Al Sulaymaniyah district and the Plaza 46 building in Qurtuba district.

The company also reported higher rental income from a commercial building in Al Yasmeen district. Banan further increased its ownership in a subsidiary by 3.5%.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	8.92	31.07	248.5 %
Gross Income	7.66	24.26	216.7 %
Operating Income	6.03	20.60	241.6 %
Net Income	12.91	14.98	16.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.06	0.07	16.0 %

Item	H2 2021	H1 2022	Change‬
Revenues	9.99	31.07	211.1 %
Gross Income	8.65	24.26	180.5 %
Operating Income	6.35	20.60	224.3 %
Net Income	11.42	14.98	31.2 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.06	0.07	31.2 %

Total shareholders’ equity, excluding minority interest, stood at SAR 347.8 million by the end of H1 2022, compared to SAR 338.1 million in the year-earlier period.

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