Banan Real Estate Co. announces its Interim Financial results for the period ending on 2024-06-30 ( Six Months )
| Element List | Current Period | Similar period for previous year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 59,523,712 | 32,414,736 | 83.631 | ||
| Net profit (Loss) | 20,054,542 | 13,810,292 | 45.214 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 394,889,202 | 368,068,276 | 7.286 | ||
| Profit (Loss) per Share | 0.1 | 0.07 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | -2,532,460 | 1.27 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The company achieved a significant increase in total revenues in the first half of the fiscal year 2024, reaching 59.52 million Saudi riyals, representing a remarkable growth of 84% compared to the same period in 2023. The increase in revenues was as follows:
1- Increase in real estate rental revenues by 12%, amounting to 3.6 million riyals 2- Sale of lands in Al-Qadisiyah neighborhood worth 26.3 million. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | In the first half of the fiscal year 2024, the company achieved a significant increase in net profit, reaching 26.2 SAR million at the consolidated financial statements level compared to profits for the same period of the previous year 21.58 SAR million, but for the shareholders of the parent company, 20.05 SAR million compared to profits of 13.81 SAR million Similar period last year , representing a remarkable growth of 44%, primarily due to the increase in revenues. However, we would like to point out
Changes during the period include:
1 - increase in rental revenues by 3.6 SAR million 2-making a profit from the sale of Land in Qadisiyah district worth 7.87 SAR million riyals 3-formation of a provision for expected credit losses of 2.6 SAR million 4-custom configuration decrease in the value of investment real estate 2.53 SAR million. 5-decrease in financing costs by 427 SAR thousand |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to conform to the current period presentation |
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