Banan Real Estate Reports SAR 12.41M Net Profit in Three Months 2026
BANAN 4324.SA | 0.00 |
On 2026-05-10 15:30:17 (Saudi Time), Banan Real Estate Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 18,710,910 | 18,031,761 | 3.766 | 19,527,483 | -4.181 |
| Gross Profit (Loss) | 15,483,172 | 15,249,227 | 1.534 | 16,223,411 | -4.562 |
| Operational Profit (Loss) | 12,956,540 | 13,257,671 | -2.271 | 9,170,204 | 41.289 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 12,413,112 | 9,997,824 | 24.158 | 7,535,265 | 64.733 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 12,414,286 | 9,837,426 | 26.194 | 7,540,950 | 64.624 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 431,639,245 | 404,736,114 | 6.647 |
| Profit (Loss) per Share | 0.06 | 0.05 | |
| 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 | |||
Year-on-Year Performance Drivers
Sales increased 3.766% YoY to SAR 18.71 million driven by higher rental revenues at Banan Real Estate Company and its subsidiary Al-Aziza Investment and Real Estate Development Company. Net profit surged 24.158% YoY to SAR 12.41 million primarily due to a SAR 5.1 million gain from selling a building in Al Wadi district and SAR 1.2 million profit from land sales, partially offset by a SAR 4.7 million loss from contributing land to a real estate investment fund. The profit growth was further supported by 17% lower general and administrative expenses and 10% reduced financing costs due to decreased financing amounts.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 4.18% from 19.53 million to 18.71 million SAR due to decreased rental revenues from property sales and absence of development revenues in Q1. Net profit surged 64.73% from 7.54 million to 12.41 million SAR driven by a 5.1 million SAR gain from building sale in Al Wadi district and 1.2 million SAR profit from land sale, despite a 4.7 million SAR loss from land contribution to real estate fund. Additional factors included 6.5% lower administrative expenses and 30% reduced financing costs from decreased borrowing.
Other Items
Banan Real Estate Co. received an unmodified auditor conclusion for the three months ended March 31, 2026. No material uncertainties, going concern issues, or significant risks were reported in the auditor's review. The company reported total shareholders' equity of SAR 431.64 million, representing a 6.647% increase from the prior year period. Earnings per share improved to SAR 0.06 from SAR 0.05 in the comparable prior year quarter. Comparative figures were reclassified to align with current presentation standards.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95177&anCat=1&cs=4324&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.