Banan profit rises 24% to SAR 35.6M in 2024; Q4 at SAR 5.5M

18/03/2025 Argaam Exclusive

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Banan Real Estate Co. reported a 24% profit rise to SAR 35.6 million in 2024, from SAR 28.8 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	63.17	92.95	47.1 %
Gross Income	52.53	66.25	26.1 %
Operating Income	44.18	56.39	27.6 %
Net Income	28.77	35.63	23.9 %
Average Shares	200.00	200.00	-
Earnings Per Share before unusual items (Riyals)	0.14	0.18	23.9 %
EPS (Riyals)	0.14	0.18	23.9 %

Topline rose as rental revenue from Banan and its subsidiary, Al-Azizah Investment and Real Estate Development Co., rose 9% year-on-year (YoY) in 2024.

Revenue from land sales in Al-Qadisiyah reached SAR 26.3 million in 2024, compared to SAR 2.171 million in 2023.

The company also reported a decline in financing costs by SAR 1.75 million and an increase in the share of profits from joint ventures to SAR 2.9 million compared to SAR 2.52 million in 2023.

On the other hand, credit loss provisions grew to SAR 2.12 million, compared to SAR 583,000 in 2023. The value of investment properties recorded a decrease of SAR 3.51 million in 2024, compared to a decrease in 2023 of SAR 2.41 million

General and administrative expenses increased by SAR 1.5 million due to an increase in the cost of professional consulting related to the company's transition to the Main Market.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	16.27	13.45	(17.3 %)
Gross Income	14.99	15.05	0.4 %
Operating Income	12.24	11.89	(2.8 %)
Net Income	10.29	5.54	(46.1 %)
Average Shares	200.00	200.00	-
Earnings Per Share before unusual items (Riyals)	0.05	0.03	(46.1 %)
EPS (Riyals)	0.05	0.03	(46.1 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	19.98	13.45	(32.7 %)
Gross Income	14.94	15.05	0.7 %
Operating Income	12.49	11.89	(4.8 %)
Net Income	10.04	5.54	(44.8 %)
Average Shares	200.00	200.00	-
Earnings Per Share before unusual items (Riyals)	0.05	0.03	(44.8 %)
EPS (Riyals)	0.05	0.03	(44.8 %)

In Q4 2024, net earnings dropped 46% to SAR 5.5 million from SAR 10.2 million in the prior-year period.

Sequentially, Banan’s net earnings fell by 44.8% from SAR 10 million in Q3 2024.

Total shareholders’ equity, after minority interest, rose to SAR 395.01 million as of Dec. 31, 2024, compared to SAR 379 million a year earlier.

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