Banan Real Estate Co. announces its Interim Financial results for the Period Ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 17,707,343 | 20,227,862 | -12.46 | 18,031,761 | -1.799 |
| Gross Profit (Loss) | 14,604,047 | 15,298,780 | -4.541 | 15,249,227 | -4.23 |
| Operational Profit (Loss) | 12,249,282 | 12,877,520 | -4.878 | 12,492,933 | -1.95 |
| Net profit (Loss) | 8,169,422 | 6,417,465 | 27.299 | 9,997,824 | -18.287 |
| Total Comprehensive Income | 8,045,396 | 6,415,843 | 25.398 | 9,837,426 | -18.216 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 35,739,104 | 59,523,712 | -39.958 |
| Gross Profit (Loss) | 29,322,639 | 36,258,054 | -19.127 |
| Operational Profit (Loss) | 24,724,215 | 32,010,785 | -22.762 |
| Net profit (Loss) | 18,167,245 | 20,054,542 | -9.41 |
| Total Comprehensive Income | 17,882,821 | 19,999,520 | -10.583 |
| Total Shareholders Equity (after Deducting Minority Equity) | 414,215,884 | 393,501,181 | 5.264 |
| Profit (Loss) per Share | 0.09 | 0.1 | |
| 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 | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The decrease in revenue during the current quarter compared to the same quarter of the previous year—despite a 7% increase in rental income compared to Q1 2024—is due to land sales in Al-Qadisiyah district amounting to SAR 3.619 million recorded in the same quarter last year, while no land sales were recorded in the current quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit during the current quarter compared to the same quarter of the previous year is attributed to:
1- 7% increase in rental income compared to the same quarter of the previous year.
2- Decrease in the cost of revenue by SAR 1.8 million (a 37% drop), due to no costs being recorded for land sales during the current quarter.
3- Reversal of an impairment provision for investment properties amounting to SAR 2.1 million, which positively impacted the current quarter’s results.
4- Although financing costs increased by SAR 2.3 million compared to the same quarter of the previous year, this rise was mainly concentrated in the subsidiary, "Qimam Noshoz Real Estate Development Company." |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The slight decrease in revenue by SAR 324 thousand (1.8%) during the current quarter compared to the previous quarter is due to the replacement of some tenants in several properties, which resulted in temporary vacancy periods that impacted total rental income. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the decrease in net profit during the current quarter compared to the previous quarter, by an amount of SAR 1.82 million, is as follows:
An increase in financing costs by SAR 1.85 million in the subsidiary, Qimam Noshz Real Estate Development Company, due to the acquisition of land in the Al-Rahmaniyah district. |
| 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 decrease in revenue during the current period compared to the same period of the previous year—despite an 8% increase in rental income—is due to land sales amounting to SAR 26.3 million recorded in the same period of the previous year, while no similar sales were recorded in the current period. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The decrease in net profit during the current period compared to the same period of the previous year by SAR 1.887 million is attributed to the following:
1- A decline in revenue during the current period, due to land sales in Al-Qadisiyah recorded in the same period of the previous year, which contributed to higher profits at that time.
2- An increase in financing costs by SAR 2.65 million compared to the same period of the previous year, mainly due to higher financing expenses in the subsidiary, Qimam Noshoz Real Estate Development Company. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | none |
| Reclassification of Comparison Items | Comparative figures have been reclassified to conform to the current presentation. |
| Additional Information | - |
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