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Banan profit rises 24% to SAR 35.6M in 2024; Q4 at SAR 5.5M
Banan Real Estate Co. reported a 24% profit rise to SAR 35.6 million in 2024, from SAR 28.8 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 63.47 | 94.51 | 48.9 % |
| Gross Income | 52.53 | 66.25 | 26.1 % |
| Operating Income | 46.01 | 50.75 | 10.3 % |
| Net Income | 28.77 | 35.63 | 23.9 % |
| Average Shares | 200.00 | 200.00 | - |
| Earnings Per Share before unusual items | 0.14 | 0.18 | 23.9 % |
| EPS (Riyals) | 0.14 | 0.18 | 23.9 % |
Topline rose as rental revenue from Banan and its subsidiary, Al-Azizah Investment and Real Estate Development Co., rose 9% year-on-year (YoY) in 2024.
Revenue from land sales in Al-Qadisiyah reached SAR 26.3 million in 2024, compared to SAR 2.171 million in 2023.
The company also reported a decline in financing costs by SAR 1.75 million and an increase in the share of profits from joint ventures to SAR 2.9 million compared to SAR 2.52 million in 2023.
On the other hand, credit loss provisions grew to SAR 2.12 million, compared to SAR 583,000 in 2023. The value of investment properties recorded a decrease of SAR 3.51 million in 2024, compared to a decrease in 2023 of SAR 2.41 million
General and administrative expenses increased by SAR 1.5 million due to an increase in the cost of professional consulting related to the company's transition to the Main Market.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 16.56 | 15.01 | (9.4 %) |
| Gross Income | 14.99 | 15.05 | 0.4 % |
| Operating Income | 15.05 | 10.19 | (32.3 %) |
| Net Income | 10.29 | 5.54 | (46.1 %) |
| Average Shares | 200.00 | 200.00 | - |
| Earnings Per Share before unusual items | 0.05 | 0.03 | (46.1 %) |
| EPS (Riyals) | 0.05 | 0.03 | (46.1 %) |
In Q4 2024, net earnings dropped 46% to SAR 5.5 million from SAR 10.2 million in the prior-year period.
Sequentially, Banan’s net earnings fell by 44.8% from SAR 10 million in Q3 2024.
Total shareholders’ equity, after minority interest, rose to SAR 395.01 million as of Dec. 31, 2024, compared to SAR 379 million a year earlier.
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Share Price
Banan Real Estate Co. (BANAN)
| Current | |
| Market Cap (M Riyal) | 1,084.00 |
| Enterprise Value (EV) (M) | 1,250.06 |
| Shares Outstanding ((M)) | 200.00 |
| EPS ( Riyal) (TTM) | 0.18 |
| Book Value (BV) ( Riyal) | 1.98 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 30.42 |
| P/E (TTM) | 30.42 |
| Price/book | 2.74 |
| Return on Average Assets (%) (TTM) | 5.5 |
| Return on Average Equity (%) (TTM) | 9.2 |
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 % |
| Q4 2024 | 15.01 | (9.4 %) | 15.05 | 0.4 % | 10.19 | (32.3 %) |
| 2024 | 94.51 | 48.9 % | 66.25 | 26.1 % | 50.75 | 10.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual 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 |
| Q4 2024 | 5.54 | (46.1 %) | 0.03 | - | 5.54 | 0.03 |
| 2024 | 35.63 | 23.9 % | 0.18 | - | 35.63 | 0.18 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 69.15 % | - | 40.66 % |
| Q2 2024 | 69.55 % | - | 38.65 % |
| Q3 2024 | 68.90 % | - | 42.03 % |
| Q4 2024 | 70.10 % | - | 37.70 % |
| 2024 | 70.10 % | 61.88 % | 37.70 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (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 |
| Q4 2024 | 200.00 | 0.18 | 0.18 | 1.98 |
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 |
| Q4 2024 | 39.80 | 39.80 | 3.59 |
Business Segments (Million)
Q3 2024
| Period | Leasing revenue | Revenue on sale of investment properties | Revenue on sale of land |
|---|---|---|---|
| Q3 2024 | 16.68 | 3.30 | - |
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