Banan 9M 2024 profit soars 63% to SAR 30.1M

06/11/2024 Argaam Exclusive

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Banan Real Estate Co. reported a 63% profit jump to SAR 30.1 million in 9M 2024, from SAR 18.5 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	46.90	79.50	69.5 %
Gross Income	37.54	51.20	36.4 %
Operating Income	30.96	44.50	43.7 %
Net Income	18.48	30.09	62.8 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.09	0.15	62.8 %

The rise in profit was attributed to higher revenues resulting from a SAR 5.8 million rise in rental income and higher revenues from land sales in the Al-Qadisiyah, amounting to SAR 26.3 million.

YoY Comparison
Period	Q3 2023	Q3 2024	Change
Revenue (SAR mln)	14.49	19.98	+37.86%
Gross Income (SAR mln)	11.75	14.94	+27.15%
Operating Income (SAR mln)	9.73	12.49	+28.46%
Net Income (SAR mln)	4.67	10.04	+115.00%
Average No. of Shares (mln)	200	200	--
EPS (SAR)	0.02	0.05	+115.00%

In addition, profit rose due to an increase in rental income and profits from land sales, coupled with a SAR 1.09 million drop in financing expenses.

QoQ Comparison
Period	Q2 2024	Q3 2024	Change
Revenue (SAR mln)	20.23	19.98	-1.25%
Gross Income (SAR mln)	15.30	14.94	-2.34%
Operating Income (SAR mln)	12.88	12.49	-2.98%
Net Income (SAR mln)	6.42	10.04	+56.39%
Average No. of Shares (mln)	200	200	--
EPS (SAR)	0.02	0.05	+56.39%

The third-quarter net profit surged to SAR 10.04 million from SAR 4.67 million in Q3 2023.

On a sequential basis, quarterly net profit grew 56.4% from SAR 6.42 million in Q2 2024.

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Banan 9M 2024 profit soars 63% to SAR 30.1M

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Financials (M)

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