Banan Real Estate Co. reported a net profit after Zakat and tax of SAR 15 million in H1 2022, a 16% surge from SAR 12.9 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 8.92 | 31.07 | 248.5 % |
| Gross Income | 7.66 | 24.26 | 216.7 % |
| Operating Income | 6.03 | 20.60 | 241.6 % |
| Net Income | 12.91 | 14.98 | 16.0 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.06 | 0.07 | 16.0 % |
This was triggered by an increase in rental income after the acquisition of furnished apartment building in Al Sulaymaniyah district and the Plaza 46 building in Qurtuba district.
The company also reported higher rental income from a commercial building in Al Yasmeen district. Banan further increased its ownership in a subsidiary by 3.5%.
Total shareholders’ equity, excluding minority interest, stood at SAR 347.8 million by the end of H1 2022, compared to SAR 338.1 million in the year-earlier period.
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