Banan Real Estate Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Period | Similar period for previous year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 32,414,736 | 31,070,250 | 4.33 | ||
| Gross Profit (Loss) | 25,791,331 | 24,256,468 | 6.33 | ||
| Operational Profit (Loss) | 21,737,801 | 20,598,501 | 5.53 | ||
| Net Profit (Loss) after Zakat and Tax | 13,810,292 | 14,977,556 | -7.79 | ||
| Total Comprehensive Income | 13,967,832 | 15,008,971 | -6.94 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 366,673,687 | 346,715,775 | 5.76 | ||
| Profit (Loss) per Share | 0.07 | 0.07 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Period Compared to Previous Period is Attributed to | The main reason for the decrease in net profit despite the increase in revenues and the increase in gross profit is due to the following reasons:
1- An increase in financing charges by 1.17 million Saudi riyals as a result of the increase in SIBOR rates and financial leverage. 2- The decrease in the company's profit share in the associate company by 914 thousand riyals. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | There is No |
| Reclassification of Comparison Items | During the year, the Group has reclassified certain comparative figures of 2022 to conform to the presentation of the period ended 30 June 2023
During the year end 31 December 2021, the Group’s management has not recorded a disposal of certain investment properties of the Subsidiary upon commencing the consolidation process of the Group when the control over the Subsidiary is obtained, which has resulted in an increase in the Group’s investment properties cost, accordingly this has led the cost to be recorded as impairment of investment properties during 2022. Therefore, the Group’s management has restated the comparative financial information to reflect the effect of reclassification on investment properties and related retained earnings, the balance of investment properties, retained earnings and non- controlling interests during 2022 has been adjusted by a reversal of impairment and depreciation of the investment properties of SR 3,671,335 and the balance of investment properties for the year 2021 amounting to SR 3,671,335 was adjusted ; thus, the net effect of adjustment was stated at SR nil in 2022. |
| Additional Information | Earnings per share for all presented periods are calculated based on the number of shares of the company amounting to 200 million shares after splitting each share into ten shares as decided by the extraordinary general assembly held on June 14, 2023. |
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