Banan posts 45% profit leap to SAR 20.1M in H1 2024

06/08/2024 Argaam Exclusive

Banan Real Estate Co. reported a 45% profit jump to SAR 20.1 million in H1 2024, from SAR 13.8 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 32.42 59.52 83.6 %
Gross Income 25.79 36.26 40.6 %
Operating Income 23.20 26.88 15.9 %
Net Income 13.81 20.05 45.2 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.07 0.10 45.2 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 32.42 59.52 83.6 %
Gross Income 25.79 36.26 40.6 %
Operating Income 23.20 26.88 15.9 %
Net Income 13.81 20.05 45.2 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.07 0.10 45.2 %

The first-half net earnings were buoyed by revenue that surged 84% year-on-year (YoY) to SAR 59.52 million by the end of the six-month period.

 

During the same period, Banan posted a 12% YoY rise in the real estate rental income to SAR 3.6 million. The company sold SAR 26.3 million land plots in Al-Qadsiah, and took provisions for expected credit losses of SAR 2.6 million. Moreover, a provision of SAR 2.53 million was allocated for investment real estate impairments.

 

Financing costs also declined YoY by 427,000 in the current period.

 

Shareholders’ equity, after minority interest, reached SAR 394.88 million as of June 30, 2024, compared to SAR 368.06 million a year earlier.

 

Interim Financials

Period

Revenues

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR/share)

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

32.41

13.81

0.07

H2 2023

33.55

14.96

0.07

H1 2024

59.52

20.05

0.10

 

View More Financial Results

 

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Share Price

Banan Real Estate Co.
7.38
(0.17) (2.25 %)

Banan Real Estate Co. (BANAN)

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Financial Ratios
Current
Market Cap (M Riyal) 1,476.00
Enterprise Value (EV) (M) 1,699.76
Shares Outstanding ((M)) 200.00
Book Value (BV) ( Riyal) 1.90
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
Price/book 3.89
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 6.25 - 4.97 - 3.35 -
H2 2020 6.24 - 5.83 - 4.63 -
H1 2021 8.92 42.7 % 7.66 54.1 % 6.03 80.2 %
H2 2021 9.99 60.0 % 8.65 48.4 % 6.35 37.2 %
H1 2022 31.07 248.5 % 24.26 216.7 % 20.60 241.6 %
H2 2022 28.22 182.6 % 23.69 173.9 % 22.11 248.1 %
H1 2023 32.42 4.3 % 25.79 6.3 % 23.20 12.6 %
H2 2023 33.56 18.9 % 26.95 13.8 % 22.81 3.2 %
H1 2024 59.52 83.6 % 36.26 40.6 % 26.88 15.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 8.46 - 0.04 - 8.46 0.04
H2 2020 8.04 - 0.04 - 8.04 0.04
H1 2021 12.91 52.6 % 0.06 - 12.91 0.06
H2 2021 11.42 42.1 % 0.06 - 11.42 0.06
H1 2022 14.98 16.0 % 0.07 2.06 12.92 0.06
H2 2022 13.24 16.0 % 0.07 1.73 11.51 0.06
H1 2023 13.81 (7.8 %) 0.07 - 13.81 0.07
H2 2023 14.96 13.0 % 0.07 - 14.96 0.07
H1 2024 20.05 45.2 % 0.10 - 20.05 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 86.44 % 84.98 % 132.10 %
H1 2021 88.98 % 87.62 % 138.21 %
H2 2021 86.27 % 79.40 % 128.71 %
H1 2022 80.14 % 77.23 % 59.27 %
H2 2022 80.86 % 84.06 % 41.20 %
H1 2023 81.60 % 86.64 % 41.76 %
H2 2023 79.95 % 81.30 % 43.60 %
H1 2024 67.91 % 61.95 % 37.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 200.00 - - -
H2 2020 200.00 0.08 0.08 1.60
H1 2021 200.00 0.10 0.10 1.69
H2 2021 200.00 0.12 0.12 1.69
H1 2022 200.00 0.13 0.12 1.73
H2 2022 200.00 0.14 0.12 1.77
H1 2023 200.00 0.14 0.13 1.84
H2 2023 200.00 0.14 0.14 1.90
H1 2024 200.00 0.18 0.18 1.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 47.60 47.60 3.42
H1 2022 40.16 43.56 3.06
H2 2022 41.11 47.49 3.28
H1 2023 57.45 61.37 4.22
H2 2023 43.66 43.66 3.31
H1 2024 32.28 32.28 2.86

Business Segments (Million)

Compared With The
Period Leasing revenue Revenue on sale of investment properties
Q2 2022 26.91 4.17
Q4 2022 28.22 -
Q2 2023 29.61 2.80
Q4 2023 31.38 2.17
Q2 2024 33.22 26.30

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