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Banan Real Estate Co. announces its Annual Financial results for the period ending on 2024-12-31

18/03/2025

Element List Current Year Previous Year %Change
Sales/Revenue 92,945,824 63,170,573 47.13
Gross Profit (Loss) 66,246,375 52,530,607 26.11
Operational Profit (Loss) 56,391,843 44,182,416 27.63
Net profit (Loss) 35,632,018 28,765,944 23.87
Total Comprehensive Income 35,510,930 28,901,217 22.87
Total Shareholders Equity (after Deducting Minority Equity) 395,012,591 379,001,661 4.22
Profit (Loss) per Share 0.18 0.14
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 -3,510,441 1.75
All figures are in (Actual) Saudi Arabia, Riyals
 
Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The increase in revenue this year compared to the previous year is attributed to the following:    The rental revenue of Banan Real Estate Company and its subsidiary, Al-Azizah Investment and Real Estate Development Company, increased by 5.6 million SAR in 2024, recording a 9% growth compared to 2023.   The revenue from land sales in Al-Qadisiyah district reached 26.3 million SAR in 2024, compared to 2.171 million SAR in 2023
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The increase (decrease) in net profit this year compared to the previous year is due to the following:  1. Increase in revenues 2. Decrease in financing costs by SAR 1.758 million 3. Increase in the company's share of profits from joint ventures by SAR 379.9 thousand, reaching SAR 2.9 million compared to SAR 2.52 million in 2023 4. Credit loss provisions were recorded at SAR 2.127 million, compared to SAR 583 thousand in 2023 5. A decrease in the value of investment properties was recorded at SAR 3.51 million, compared to a decrease in 2023 of SAR 2.41 million 6. General and administrative expenses increased by SAR 1.5 million due to an increase in the cost of professional consulting related to the company's transition to the main market
Statement of the type of external auditor's report Unmodified opinion
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 During the year, the Group reclassified certain comparative figures in the financial statements to align with the presentation of accounts for the current year
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