Banan profit rises 2% to SAR 28.8M in 2023

20/02/2024 Argaam Exclusive

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Banan Real Estate Co. reported a net profit of SAR 28.8 million for 2023, a 2% increase from SAR 28.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	59.30	65.97	11.3 %
Gross Income	47.94	52.74	10.0 %
Operating Income	42.71	46.01	7.7 %
Net Income	28.22	28.77	2.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.14	0.14	2.0 %

The profit growth was attributed to a rise in revenues by SAR 6.67 million and an increase in the company’s earnings from joint ventures by SAR 2.02 million in 2023.

However, this was offset by a SAR 1.87 million hike in the cost of revenues for the same year.

In addition, the company cited last year an increase in the general and administrative expenses by SAR 2.84 million due to its application to transition to the main market, TASI.

Total shareholders’ equity, excluding minority interest, reached SAR 379 million by the end of 2023, compared with SAR 354.1 million a year ago.

Banan’s Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	6.25	8.46	0.04
H2 2020	6.24	8.04	0.04
H1 2021	8.92	12.91	0.06
H2 2021	9.98	11.42	0.06
H1 2022	31.07	14.98	0.07
H2 2022	28.22	13.24	0.07
H1 2023	32.42	13.81	0.07
H2 2023	33.55	14.96	0.07

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬

Item	Q3 2023	Q4 2023	Change‬
Revenues	14.49	19.07	31.6 %
Gross Income	11.75	15.20	29.4 %
Operating Income	7.76	15.05	93.9 %
Net Income	4.67	10.29	120.4 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.02	0.05	120.4 %

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