Banan Real Estate Co. reported a 45% profit jump to SAR 20.1 million in H1 2024, from SAR 13.8 million in the year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 32.42 | 59.52 | 83.6 % |
| Gross Income | 25.79 | 36.26 | 40.6 % |
| Operating Income | 23.20 | 26.88 | 15.9 % |
| Net Income | 13.81 | 20.05 | 45.2 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.07 | 0.10 | 45.2 % |
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 17.53 | 20.23 | 15.4 % |
| Gross Income | 13.07 | 15.30 | 17.0 % |
| Operating Income | 12.26 | 9.19 | (25.1 %) |
| Net Income | 7.14 | 6.42 | (10.1 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.04 | 0.03 | (10.1 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 39.30 | 20.23 | (48.5 %) |
| Gross Income | 20.96 | 15.30 | (27.0 %) |
| Operating Income | 17.69 | 9.19 | (48.1 %) |
| Net Income | 13.64 | 6.42 | (52.9 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.07 | 0.03 | (52.9 %) |
The first-half net earnings were buoyed by revenue that surged 84% year-on-year (YoY) to SAR 59.52 million by the end of the six-month period.
During the same period, Banan posted a 12% YoY rise in the real estate rental income to SAR 3.6 million. The company sold SAR 26.3 million land plots in Al-Qadsiah, and took provisions for expected credit losses of SAR 2.6 million. Moreover, a provision of SAR 2.53 million was allocated for investment real estate impairments.
Financing costs also declined YoY by 427,000 in the current period.
Shareholders’ equity, after minority interest, reached SAR 394.88 million as of June 30, 2024, compared to SAR 368.06 million a year earlier.
|
Interim Financials |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR/share) |
|
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 |
32.41 |
13.81 |
0.07 |
|
H2 2023 |
33.55 |
14.96 |
0.07 |
|
H1 2024 |
59.52 |
20.05 |
0.10 |
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