Banan 9M 2024 profit soars 63% to SAR 30.1M
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Banan Real Estate Co. reported a 63% profit jump to SAR 30.1 million in 9M 2024, from SAR 18.5 million in the year-earlier period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 46.90 | 79.50 | 69.5 % |
| Gross Income | 37.54 | 51.20 | 36.4 % |
| Operating Income | 30.96 | 40.57 | 31.0 % |
| Net Income | 18.48 | 30.09 | 62.8 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.09 | 0.15 | 62.8 % |
The rise in profit was attributed to higher revenues resulting from a SAR 5.8 million rise in rental income and higher revenues from land sales in the Al-Qadisiyah, amounting to SAR 26.3 million.
|
YoY Comparison |
|||
|
Period |
Q3 2023 |
Q3 2024 |
Change |
|
Revenue (SAR mln) |
14.49 |
19.98 |
+37.86% |
|
Gross Income (SAR mln) |
11.75 |
14.94 |
+27.15% |
|
Operating Income (SAR mln) |
9.73 |
12.49 |
+28.46% |
|
Net Income (SAR mln) |
4.67 |
10.04 |
+115.00% |
|
Average No. of Shares (mln) |
200 |
200 |
-- |
|
EPS (SAR) |
0.02 |
0.05 |
+115.00% |
In addition, profit rose due to an increase in rental income and profits from land sales, coupled with a SAR 1.09 million drop in financing expenses.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 14.49 | 19.98 | 37.9 % |
| Gross Income | 11.75 | 14.94 | 27.1 % |
| Operating Income | 7.76 | 13.68 | 76.3 % |
| Net Income | 4.67 | 10.04 | 115.0 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.02 | 0.05 | 115.0 % |
|
QoQ Comparison |
|||
|
Period |
Q2 2024 |
Q3 2024 |
Change |
|
Revenue (SAR mln) |
20.23 |
19.98 |
-1.25% |
|
Gross Income (SAR mln) |
15.30 |
14.94 |
-2.34% |
|
Operating Income (SAR mln) |
12.88 |
12.49 |
-2.98% |
|
Net Income (SAR mln) |
6.42 |
10.04 |
+56.39% |
|
Average No. of Shares (mln) |
200 |
200 |
-- |
|
EPS (SAR) |
0.02 |
0.05 |
+56.39% |
The third-quarter net profit surged to SAR 10.04 million from SAR 4.67 million in Q3 2023.
On a sequential basis, quarterly net profit grew 56.4% from SAR 6.42 million in Q2 2024.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 39.30 | 163.9 % | 20.96 | 64.8 % | 17.69 | 61.7 % |
| Q2 2024 | 20.23 | 15.4 % | 15.30 | 17.0 % | 9.19 | (25.1 %) |
| Q3 2024 | 19.98 | 37.9 % | 14.94 | 27.1 % | 13.68 | 76.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 13.64 | 104.3 % | 0.07 | - | 13.64 | 0.07 |
| Q2 2024 | 6.42 | (10.1 %) | 0.03 | - | 6.42 | 0.03 |
| Q3 2024 | 10.04 | 115.0 % | 0.05 | - | 10.04 | 0.05 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 67.47 % | - | 39.53 % |
| Q2 2024 | 67.91 % | - | 37.61 % |
| Q3 2024 | 67.36 % | 62.56 % | 40.97 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 200.00 | 0.18 | 0.18 | - |
| Q2 2024 | 200.00 | 0.18 | 0.18 | 1.97 |
| Q3 2024 | 200.00 | 0.20 | 0.20 | 1.99 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 33.03 | 33.03 | - |
| Q2 2024 | 32.28 | 32.28 | 2.86 |
| Q3 2024 | 28.48 | 28.48 | 2.89 |
Business Segments (Million)
Q3 2024
| Period | Leasing revenue | Revenue on sale of investment properties |
|---|---|---|
| Q3 2024 | 16.68 | 3.30 |
| 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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