Banan Real Estate Co. reported a net profit after Zakat and tax of SAR 23.6 million for 2021, a 43% increase, from SAR 16.5 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 12.49 | 18.90 | 51.3 % |
| Gross Income | 10.80 | 16.31 | 51.0 % |
| Operating Income | 7.98 | 12.38 | 55.2 % |
| Net Income | 16.50 | 24.33 | 47.5 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.08 | 0.12 | 47.5 % |
The profit surge was attributed to higher rental income, mainly due to the acquisition of a building in Riyadh’s Al-Malqa district, in addition to rent yield increases from the fully-occupied Voyage Hotel in Riyadh.
Higher profits in operations of its subsidiary, Al Azizia Commercial Investment Co., were also cited as a reason for the increase by the company.
Total shareholders’ equity, excluding minority interest, grew 6.2% to SAR 338.835 million from SAR 319.059 million a year ago.
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