Banan Q1 2025 profit declines 27% to SAR 10M

07/05/2025 Argaam Exclusive

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Banan Real Estate Co. reported a 27% year-on-year (YoY) decline in net profit to SAR 10 million in Q1 2025, compared to SAR 13.6 million a year earlier.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 39.30 18.03 (54.1 %)
Gross Income 20.96 15.25 (27.2 %)
Operating Income 17.69 13.26 (25.1 %)
Net Income 13.64 10.00 (26.7 %)
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items (Riyal) 0.07 0.04 (35.7 %)
EPS (Riyal) 0.07 0.05 (26.7 %)

The earnings drop was due to no land sales during the period, as the same period last year recorded a SAR 22.6 million land sales in Al-Qadisiyah. However, leasing income rose 9% YoY.

 

Q1 2024 earnings were also supported by gains from those land sales.

 

The 80.4% quarter-on-quarter (QoQ) increase from SAR 5.54 million was driven by a 34% rise in leasing revenue at both the parent company and its subsidiary, Al-Aziza Real Estate Development and Investment Co.

 

The quarter also benefited from a SAR 502,000 reversal of provisions due to rent collections, compared to a SAR 1.084 million provision charge in Q4 2024.

 

Additionally, the company recorded a SAR 262,000 gain from the reversal of investment property impairments, versus a SAR 616,000 impairment charge in the prior quarter.

 

Shareholders’ equity, excluding minority interest, rose to SAR 404.74 million as of March 31, 2025, compared to SAR 395.01 million in the year-earlier period.

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Share Price

Banan Real Estate Co.
3.03
(0.05) (1.62 %)

Banan Real Estate Co. (BANAN)

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Financial Ratios
Current
Market Cap (M Riyal) 606.00
Enterprise Value (EV) (M Riyal) 884.23
Shares Outstanding ((M)) 200.00
Recurring EPS ( Riyal) (TTM) 0.17
Book Value (BV) ( Riyal) 2.17
Par Value ( Riyal) 1.00
Recurring P/E (TTM) 18.00
P/E (TTM) 16.13
Price/book 1.40
Dividend Yield (%) (Last Year) 2.15
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 8.9
EV/adj EBITDA 14.76
EV/Revenues 11.76
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