Banan Real Estate H1 2023 profit falls 8% to SAR 13.8 mln

10/08/2023 Argaam Exclusive

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Banan Real Estate Co. reported a net profit of SAR 13.8 million in H1 2023, a decline of 8% compared to SAR 15 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	31.07	32.42	4.3 %
Gross Income	24.26	25.79	6.3 %
Operating Income	20.60	23.20	12.6 %
Net Income	14.98	13.81	(7.8 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.07	0.07	(7.8 %)

The profit decline was driven by an increase in financing charges of SAR 1.17 million as a result of a rise in SAIBOR rates and financial leverage. In addition, the company's profit share in the associate company fell by SAR 914,000.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	31.07	32.42	4.3 %
Gross Income	24.26	25.79	6.3 %
Operating Income	20.60	23.20	12.6 %
Net Income	14.98	13.81	(7.8 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.07	0.07	(7.8 %)

Item	H2 2022	H1 2023	Change‬
Revenues	28.22	32.42	14.8 %
Gross Income	23.69	25.79	8.9 %
Operating Income	22.11	23.20	4.9 %
Net Income	13.24	13.81	4.3 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.07	0.07	4.3 %

Total shareholders’ equity, after minority interest, reached SAR 366.6 billion at the end of H1 2023, compared with SAR 346.7 billion a year earlier.

Historical Development of Financial Statements
Period	Revenue	Net Profit	EPS
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	28.38	11.53	0.06
H1 2023	32.41	13.81	0.07

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