Latest news with #BananRealEstate
Arab News
4 days ago
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 10,930
RIYADH: Saudi Arabia's Tadawul All Share Index declined on Thursday, losing 16.44 points, or 0.15 percent, to close at 10,930.30. The total trading turnover of the benchmark index stood at SR4.53 billion ($1.209 billion), with 120 listed stocks advancing and 128 declining. The Kingdom's parallel market Nomu dropped by 60.93 points to close at 26,648.71. The MSCI Tadawul Index also decreased, falling 0.24 percent to reach 1,406.76. The top performer on the main market was Bawan Co., whose share price rose 9.94 percent to SR58.60. The share price of Banan Real Estate Co. also rose 9.73 percent to SR4.96. Al Sagr Cooperative Insurance Co. saw its stock price increase by 5.76 percent to SR13.22. Abdullah Saad Mohammed Abo Moati for Bookstores Co. witnessed a drop in its share price by 4.83 percent to SR39.78. In corporate announcements, Saudi Arabian Mining Co., known as Ma'aden, recorded a net profit of SR1.92 billion in the second quarter of the year, up 87.7 percent from SR1.02 billion in the same quarter of 2024. The company attributed the sharp rise in quarterly profit to an SR1.34 billion increase in gross profit, driven by higher sales prices and volumes across the phosphate, aluminum, and gold business units. Additional contributors included improved earnings from joint ventures and associates, reduced finance costs, and lower zakat, tax, and severance expenses. National Gas and Industrialization Co. reported revenues of SR1.57 billion for the first half of 2025, marking a 16.9 percent rise from SR1.35 billion in the same period last year. The revenue increase was largely driven by a SR227 million rise in gas sales, due to higher gas prices and volumes, according to the company's financial report. Additional boosts came from increased sales of empty cylinders by SR6.5 million and other services by SR8.9 million. This came despite a SR14.4 million decline in commercial project revenues. National Gas and Industrialization Co.'s share price climbed 0.92 percent to SR76.7. Obeikan Glass Co. posted a net profit of SR10.86 million in the second quarter, reflecting a 4.1 percent decline from SR11.33 million in the same period last year. The company attributed the annual decline in net profit to a rise in raw material costs, which weighed on profitability despite higher selling prices. Obeikan Glass Co.'s share price rose 0.44 percent to SR31.66. Al Hammadi Holding reported a net profit of SR61.96 million in the second quarter, marking a 47.4 percent decline from SR117.87 million in the same quarter of 2024. The company attributed the year-on-year drop in net profit to a one-off SR55.27 million gain realized in the second quarter of last year from the sale of a vacant land plot in Riyadh's Al-Rayyan district. Al Hammadi Holding's share price fell 4.44 percent to SR34.88. Savola Group reported a net profit of SR105.7 million in the second quarter, down 21.9 percent from SR135.4 million in the same period last year. The firm attributed the year-on-year decline in reported net profit primarily to the absence of a SR210.8 million share of profit from its previously distributed investment in Almarai and SR23.1 million in discontinued operations, which were recorded in the same period last year. Savola Group's share price decreased by 1.77 percent to SR24.4.
Zawya
25-06-2025
- Business
- Zawya
Banan unit in deal to develop Riyadh fitness clubs
Banan Real Estate Companyhas announced that its subsidiary, Qimam Noshoz Real Estate Development Company, has signed a contract with Armah Sports Company for the development and leasing of two fully equipped fitness clubs ready for operation (excluding movable furniture and sports equipment) in the Al Rahmaniyah neighbourhood of Riyadh. Located on Al Takhassusi Road, these two clubs will be dedicated to men and women under the "Optimo" brand, owned by Armah Sports Company, said Banan Real Estate Company in its filing to Saudi bourse Tadawul. Armah Sports Company offers clubs designed for individuals seeking luxury, privacy, and high-level services. This project is one of several to be implemented between Armah Sports Company and Banan Real Estate Company, aiming to develop integrated sports clubs. The scope of work includes development of two fully equipped and operational fitness clubs, one for men and one for women (excluding mobile furniture and sports equipment) with a long-term contract starting upon their full delivery for a period of 20 years. On the financial impact, Banan said it will generate direct revenues from the development work, in addition to strengthening its investments and increasing its returns through its subsidiary, Qimam Noshoz Real Estate Development Company, upon the project's completion.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
24-06-2025
- Business
- Zawya
Saudi: Armah rolls out $65mln deal with Banan Real Estate's subsidiary
Riyadh - Armah Sports Company has penned a SAR 244.11 million deal with Qimam Nashaz Real Estate Development Company, a unit of Banan Real Estate Company. Under the development and operation contract, Qimam Nashaz will build two fully equipped fitness clubs ready for operation in Riyadh in Ar Rahmaniyyah district at Al Takhassousi Road, according to a bourse filing. The clubs, one for men and another for women, will operate under Armah's Optimo brand, known for delivering high-end services, privacy, and exclusivity. Qimam Nashaz will build the clubs on its land, while Armah Sports will lease and operate them for 20 years, starting from the handover date, as per the agreement signed on 22 June 2025. The deal includes a potential contract value increase of up to 24%, based on the clubs' performance and revenue growth. Armah highlighted that the agreement aligns with its strategy to diversify funding sources and support its expansion plan. Meanwhile, the financial impact of the contract is expected to begin once development is complete and the clubs are fully operational. In February, the two parties teamed up to establish fitness clubs on the Northern Ring Road in Riyadh's Al Wadi district for an amount of SAR 224.01 million.
Zawya
12-06-2025
- Business
- Zawya
Banan Real Estate takes charge of setting up investment fund for new Riyadh project
Banan Real Estate Company has signed a memorandum of understanding (MoU) with Abdulaziz & Saad Al-Moajil Trading and Investment Company to develop a land plot in Riyadh. The company will be appointed as the exclusive developer and marketer of the project, Banan said in a statement to the Saudi stock exchange. The company will be responsible for negotiating on the landowner's behalf with real estate investment funds and working to establish an investment fund for the development of the project. The 7,425 square metre land plot is located in Al-Qirawan district of Riyadh. The three-month MoU, extendable upon mutual agreement, aims to reach a new detailed agreement for the development of the project and the structuring of the fund. (Editing by Anoop Menon) (
Zawya
27-05-2025
- Business
- Zawya
Saudi: Banan's unit Qimam Noshoz to increase capital to $29.33mln
Riyadh – Qimam Noshoz Real Estate Development Company, a subsidiary of Banan Real Estate Company, obtained the extraordinary general meeting's approval to increase its capital to SAR 110 million. The simplified joint stock unit aims to increase its capital from SAR 71 million through the issuance of 3.90 million new shares at a nominal value of SAR 10 per share. Moreover, Banan's board greenlighted the subscription of both the company and its subsidiary, Al Aziza Investment and Real Estate Development Company, in a total of 2.53 million shares. The Tadawul-listed firm will subscribe to 1.29 million shares, with a total amount of SAR 12.96 million. In this regard, its ownership in Qimam Noshoz will increase to 26.63%, instead of 23% before the transaction. Meanwhile, Al Aziza Investment will subscribe to 1.24 million shares, with a total value of SAR 12.40 million. Hence, its shareholding will hike to 25.48% from 22%. The combined ownership of Banan and Al Aziza Investment in Qimam Noshoz will rise to 52.11% from 45%. This move aligns with Banan's strategy to support the growth and expansion plans of its subsidiary, reinforcing its financial position and boosting its consolidated financial results. In January 2025, Qimam Noshoz and Armah Sports Company signed a SAR 224.01 million deal to develop two fully equipped fitness clubs in Riyadh's Al Wadi district.
