Banan profit rises 2% to SAR 28.8M in 2023
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Banan Real Estate Co. reported a net profit of SAR 28.8 million for 2023, a 2% increase from SAR 28.2 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 59.30 | 65.97 | 11.3 % |
| Gross Income | 47.94 | 52.74 | 10.0 % |
| Operating Income | 42.71 | 46.01 | 7.7 % |
| Net Income | 28.22 | 28.77 | 2.0 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.14 | 0.14 | 2.0 % |
The profit growth was attributed to a rise in revenues by SAR 6.67 million and an increase in the company’s earnings from joint ventures by SAR 2.02 million in 2023.
However, this was offset by a SAR 1.87 million hike in the cost of revenues for the same year.
In addition, the company cited last year an increase in the general and administrative expenses by SAR 2.84 million due to its application to transition to the main market, TASI.
Total shareholders’ equity, excluding minority interest, reached SAR 379 million by the end of 2023, compared with SAR 354.1 million a year ago.
|
Banan’s Interim Financials |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2020 |
6.25 |
8.46 |
0.04 |
|
H2 2020 |
6.24 |
8.04 |
0.04 |
|
H1 2021 |
8.92 |
12.91 |
0.06 |
|
H2 2021 |
9.98 |
11.42 |
0.06 |
|
H1 2022 |
31.07 |
14.98 |
0.07 |
|
H2 2022 |
28.22 |
13.24 |
0.07 |
|
H1 2023 |
32.42 |
13.81 |
0.07 |
|
H2 2023 |
33.55 |
14.96 |
0.07 |
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 14.89 | - | 12.72 | - | 10.94 | - |
| Q2 2023 | 17.53 | - | 13.07 | - | 12.26 | - |
| Q3 2023 | 14.49 | - | 11.75 | - | 7.76 | - |
| Q4 2023 | 19.07 | - | 15.20 | - | 15.05 | - |
| 2023 | 65.97 | 11.3 % | 52.74 | 10.0 % | 46.01 | 7.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 6.67 | - | 0.03 | - | 6.67 | 0.03 |
| Q2 2023 | 7.14 | - | 0.04 | - | 7.14 | 0.04 |
| Q3 2023 | 4.67 | - | 0.02 | - | 4.67 | 0.02 |
| Q4 2023 | 10.29 | - | 0.05 | - | 10.29 | 0.05 |
| 2023 | 28.77 | 2.0 % | 0.14 | - | 28.77 | 0.14 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | 79.95 % | 79.23 % | 43.60 % |
| 2023 | 79.95 % | 81.30 % | 43.60 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 200.00 | - | - | - |
| Q2 2023 | 200.00 | - | - | 1.84 |
| Q3 2023 | 200.00 | - | - | 1.84 |
| Q4 2023 | 200.00 | 0.14 | 0.14 | 1.90 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | 4.22 |
| Q3 2023 | - | - | 3.58 |
| Q4 2023 | 43.66 | 43.66 | 3.31 |
Business Segments (Million)
2023
| Period | Leasing revenue | Revenue on sale of investment properties |
|---|
| Current | |
| Market Cap (M Riyal) | 1,426.00 |
| Enterprise Value (EV) (M) | 1,608.64 |
| Shares Outstanding ((M)) | 200.00 |
| EPS ( Riyal) (TTM) | 0.20 |
| Book Value (BV) ( Riyal) | 1.99 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 35.32 |
| P/E (TTM) | 35.32 |
| Price/book | 3.59 |
| Return on Average Assets (%) (TTM) | - |
| Return on Average Equity (%) (TTM) | 10.5 |
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