Banan Real Estate Reports SAR 21.25M Net Profit in the Six Months 2026
BANAN 4324.SA | 0.00 |
On 2026-08-05 15:54:38 (Saudi Time), Banan Real Estate Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 18,377,721 | 17,707,343 | 3.785 | 18,710,910 | -1.78 |
| Gross Profit (Loss) | 15,051,757 | 14,604,047 | 3.065 | 15,483,172 | -2.786 |
| Operational Profit (Loss) | 13,450,019 | 14,386,415 | -6.508 | 12,956,540 | 3.808 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 8,834,515 | 8,169,421 | 8.141 | 12,413,112 | -28.829 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 8,864,108 | 8,045,395 | 10.176 | 12,414,286 | -28.597 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 37,088,631 | 35,739,104 | 3.776 |
| Gross Profit (Loss) | 30,534,929 | 29,322,639 | 4.134 |
| Operational Profit (Loss) | 26,406,559 | 27,644,086 | -4.476 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 21,247,627 | 18,167,245 | 16.955 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 21,278,394 | 17,882,821 | 18.987 |
| Total Shareholders Equity (after Deducting Minority Equity) | 433,503,353 | 414,215,884 | 4.656 |
| Profit (Loss) per Share | 0.11 | 0.09 | |
| 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
For the six-month period ending 30 June 2026, sales/revenue increased 3.776% YoY to SAR 37.09 million (from SAR 35.74 million), driven by higher rental income from Banan Real Estate Company and its subsidiary, Al Azizah Investment and Real Estate Development Company, supported by improved occupancy rates and stronger investment property performance. Net profit attributable to shareholders rose 16.955% YoY to SAR 21.25 million (from SAR 18.17 million), primarily due to a 3.8% increase in rental revenue, a SAR 2.43 million decrease in finance costs, and higher gains from the disposal of investment properties of SAR 372 thousand. These gains were partially offset by an increase in general and administrative expenses of SAR 493 thousand, a significant decline in the reversal of impairment losses on investment properties (SAR 0.45 million in the current period versus SAR 2.44 million in the prior period), and a SAR 204.2 thousand decrease in the company's share of profits from joint ventures.
Quarter-on-Quarter Performance Drivers
QoQ revenue edged down 1.78% to SAR 18.38 million (18,377,721(currency not specified in original) ÷ 1,000,000 = SAR 18.38 million), primarily because the previous quarter included a one-time gain from the sale of an investment property in Al Wadi District, which also reduced the rental income base by SAR 333 thousand. Net profit fell sharply by 28.829% QoQ, driven by the absence of the SAR 1.6 million property disposal gain recognized in Q1, the rental revenue decline from the disposed property, and a significantly larger fair value loss on financial instruments of SAR 246 thousand in the current quarter versus SAR 12.4 thousand in the prior quarter.
Other Items
Banan Real Estate Co.'s interim financial results for the six months ended June 30, 2026 received an unmodified conclusion from the external auditor, with no additional comments noted in any other matter, conservation, notice, disclaimer of opinion, or adverse opinion paragraphs. No material risks, going concern uncertainties, or debt covenant breaches were disclosed. Comparative figures have been reclassified to align with the current period presentation. No unrealized gains or losses from changes in investment property fair values were reported for the period.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97306&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.