BANAN 2024 Profits Rise 24% to SAR 36 million

Banan Real Estate Co. announced on Tuesday that its net profit increased to SAR 36 million by the end of 2024, compared to SAR 29 million in 2023, following the announcement today of the preliminary financial results for the duration ending December 31, 2024.

The operational profit increased by 28% to SAR 56 million by the end of 2024, compared to SAR 44 million in 2023.

The shareholders’ equity (excluding non-controlling interests) for the current year increased by 4% to SAR 395 million, compared to SAR 379 million in 2023.

The profits per share for the current year amounted to SAR 0.18, compared to SAR 0.14 in 2023.

The Company stated in a statement today on Tadawul that the reason for the increase in revenues this year, compared to the previous year is due to the following:

1. The rental revenue from the Company and its subsidiary, Al-Azizah Investment and Real Estate Development Company, increased by SAR 5.6 million in 2024, recording a 9% growth compared to 2023; and

2. The revenue from land sales in the Al-Qadisiyah district increased to SAR 26.3 million in 2024, compared to SAR 2.171 million in 2023.