Banan Real Estate Co. reported a net profit of SAR 28.8 million for 2023, a 2% increase from SAR 28.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 59.30 | 65.97 | 11.3 % |
| Gross Income | 47.94 | 52.74 | 10.0 % |
| Operating Income | 42.71 | 46.01 | 7.7 % |
| Net Income | 28.22 | 28.77 | 2.0 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.14 | 0.14 | 2.0 % |
The profit growth was attributed to a rise in revenues by SAR 6.67 million and an increase in the company’s earnings from joint ventures by SAR 2.02 million in 2023.
However, this was offset by a SAR 1.87 million hike in the cost of revenues for the same year.
In addition, the company cited last year an increase in the general and administrative expenses by SAR 2.84 million due to its application to transition to the main market, TASI.
Total shareholders’ equity, excluding minority interest, reached SAR 379 million by the end of 2023, compared with SAR 354.1 million a year ago.
|
Banan’s Interim Financials |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
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 |
32.42 |
13.81 |
0.07 |
|
H2 2023 |
33.55 |
14.96 |
0.07 |
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