RIYADH: Saudi Banan Real Estate company net profit jumped 53 percent at the end of first half of 2021, year-on-year, reaching SR12.9 million ($3.4 million) compared to SR8.5 million in the same period of last year, Argaam reported.
The company attributed the rise to the increase in profits from the results of the operations of the associate company and joint ventures and dividends from the stock portfolio, as well as the increase in rental income because a commercial building was added to the company's real estate investments.
Revenues increased in the first half of this year by 42.7 percent compared to the same period of last year, reaching SR8.92 million.
Banan manages and rents residential and non-residential properties and is newly listed in the parallel market Nomu.
