“Ban Holding” turns into profitability by 5.2 million riyals in 2024

The Pan Pan Holding Group for profitability in 2024 turned 5.2 million riyals, compared to losses of 89.8 million riyals in 2023.
According to the company’s statement on the circulation of Saudi Arabia, the net profit increase is due to the activation of the group’s transformation strategy, which led to:
– The occupancy rates and the average price of the hotel rooms in the hotel sector, especially the Riyadh region, improved during the first and fourth quarters of the year 2024. The completion of the development and renewal of two main entertainment centers in the cities of Riyadh and Jeddah, in addition to the opening of a new entertainment center in Jeddah.
– The increase in operational profit to 61.99 million riyals compared to an operational loss of 1.90 million riyals from last year, mainly due to the following:
Exit from several hotels and entertainment centers with constant losses.
Low direct costs as a result of raising operational efficiency.
– Low consumption expenses as a result of modifying the production ages of some assets categories during the third quarter of the year 2023.
– The decrease in administrative and public expenses as a result of the management of expenses effectively.
– The group’s work to collect old debts worth 12.70 million riyals and its allocations. As well as the return of allocations for a decrease in the value of assets in the hotel sector, at a value of 5.44 million riyals, as a result of improving the expected cash business and flows of those hotels.
– The company obtained insurance compensation worth about 24.80 million riyals for damage in one of its hotels and in one of its entertainment centers.
In addition to the increase in the company’s share of joint projects, at a value of 10.72 million riyals as a result of the improvement in the results of these projects.