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Banan Real Estate Co. announces its Annual Financial Results for the Period Ending on 2022-12-31


Element List Current Year Previous Year %Change
Sales/Revenue 59,446,942 18,901,610 214.51
Gross Profit (Loss) 48,122,351 16,307,445 195.09
Operational Profit (Loss) 41,820,942 12,449,116 235.94
Net Profit (Loss) after Zakat and Tax 37,073,439 24,328,455 52.39
Total Comprehensive Income 36,476,088 23,692,669 53.95
Total Share Holders Equity (after Deducting Minority Equity) 352,705,855 338,835,490 4.09
Profit (Loss) per Share 1.33 1.22
All figures are in (Actual) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The main reason for the increase in net profit is due to the increase in rental revenues due to the acquisition of a hotel apartment building in the Sulaymaniyah district and the Plaza 46 building in the Qurtoba district, and the operating of the Block 14 building in the northern Al-Maather district. As well as an increase in rental revenues in the subsidiary company as a result of the acquisition of a commercial building in Al-Yasmeen district and the addition of additional floors in Al-Haqbani centers in Al-Takhasosi Street, in addition to an increase in the company’s ownership percentage in the subsidiary company by 3.5%
Statement of the type of external auditor's report Other Matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The consolidated financial statements of the Group for the year ended December 31, 2021 were reviewed by another auditor, who expressed an unmodified opinion on those consolidated financial statements on Shaaban 18, 1443H (corresponding to March 21, 2022).    The comparative figures were presented in the statement of profit or loss and other comprehensive income, and in the changes in equity and cash flow statements of the non-consolidated financial statements of the parent company only without its controlled subsidiary at the end of 2021.
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the current period.