Al Maather REIT generates SAR 43.9M FFO, SAR 41.1M net income in 2024

27/03/2025 Argaam Exclusive
Al Maather REIT Fund reported a 6% rise in funds from operations (FFO) to nearly SAR 43.9 million (SAR 0.72 per unit) in 2024, from SAR 41.3 million (SAR 0.67 per unit) in 2023.
The fund posted an annual net income of SAR 41.1 million (SAR 0.67 per unit), marking an 8% decline from SAR 44.5 million (SAR 0.73 per unit) in 2023.


Financials (Million Riyal)

Item 2023 2024 Change‬
Rental Income 61.28 62.82 2.5 %
Funds from Operations(FFO) 41.25 44.10 6.9 %
Net Income 44.52 41.14 (7.6 %)
No of shares 61.37 61.37 -
Earnings Per Share before unusual items (Riyals) 0.73 0.67 (7.6 %)
Operating EPS (Riyal) 0.67 0.72 6.9 %
EPS (Riyal) 0.73 0.67 (7.6 %)

The profit decline was mainly due to a SAR 14.5 million reversal of impairment provisions on investment properties, down 32% from SAR 21.2 million a year earlier, and a SAR 26,000 reversal of impairment losses on usufruct contracts, compared to SAR 549,000 in the prior year. Additionally, financing costs rose by 2%.

 

Offsetting these factors, revenue grew 3% to SAR 62.8 million, supported by higher occupancy at "Genx Al Maather " and " Dabbab leasehold."

 

Commission income from term deposits and other revenues also increased. Meanwhile, expected credit losses stood at SAR 1.2 million, versus none in the current period, while a SAR 409,000 reversal of expected credit losses was recorded, compared to none a year earlier.

 

Depreciation on investment properties declined to SAR 16.8 million from SAR 17.5 million.



Interim Comparasion (Million Riyal)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 31.97 31.38 (1.8 %)
Funds from Operations(FFO) 21.09 22.01 4.3 %
Net Income 18.58 18.64 0.4 %
No of shares 61.37 61.37 -
Operating EPS (Riyal) 0.34 0.36 4.3 %
EPS (Riyal) 0.30 0.30 0.4 %

The H2 2024 net profit rose 0.4% to SAR 18.64 million, from SAR 18.58 million in H2 2023.

 

On a biannual basis, the six-month bottom line fell from SAR 22.49 million in H1 2024.



Balance Sheet (Million Riyal)

Item 2023 2024 Change‬
Total Assets 748.93 738.11 (1.4 %)
Total Debt 200.04 207.48 3.7 %
Net assets attributable to the Unitholders Item 513.66 514.30 0.1 %
Market value of net assets 643.19 674.73 4.9 %

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Share Price

AL Maather REIT Fund
8.20
(0.08) (0.97 %)

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Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.74
Par Value ( Riyal) 10.00
Dividend Yield (%) (Last Year) 8.17
Price/book 1.00
Asset Growth (%) (2.11 )
Revenue Growth (%) 7.7
Net Income Growth (%) (18.73 )
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Financial results (Million Riyal)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 25.89 - 20.66 - 13.69 -
H2 2018 26.41 - 20.77 - (9.29) -
H1 2019 25.61 (1.1 %) 20.85 0.9 % 14.06 2.8 %
H2 2019 27.68 4.8 % 19.65 (5.4 %) 7.34 179.0 %
H1 2020 26.78 4.6 % 10.16 (51.3 %) 3.90 (72.3 %)
H2 2020 24.48 (11.6 %) 15.83 (19.5 %) (11.26) (253.5 %)
H1 2021 24.95 (6.8 %) 18.49 81.9 % 11.28 189.6 %
H2 2021 26.68 9.0 % 20.18 27.5 % (2.90) 74.2 %
H1 2022 31.17 24.9 % 21.69 17.3 % 10.24 (9.2 %)
H2 2022 30.56 14.6 % 21.09 4.5 % 17.97 719.6 %
H1 2023 29.31 (6.0 %) 20.16 (7.1 %) 25.94 153.3 %
H2 2023 31.97 4.6 % 21.09 0.0 % 18.58 3.4 %
H1 2024 31.43 7.3 % 22.09 9.6 % 22.49 (13.3 %)
H2 2024 31.38 (1.8 %) 22.01 4.3 % 18.64 0.4 %
2024 62.82 2.5 % 44.10 6.9 % 41.14 (7.6 %)


Balance Sheet (Million Riyal)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2017 - - - - - - - -
H2 2017 - - - - - - - -
H1 2018 643.58 - - - 621.99 - 599.21 -
H2 2018 635.68 - - - 612.70 - 615.74 -
H1 2019 611.15 (5.0 %) 6.68 - 587.48 (5.5 %) 595.52 (0.6 %)
H2 2019 646.58 1.7 % 28.06 - 594.82 (2.9 %) 602.71 (2.1 %)
H1 2020 639.92 4.7 % 60.47 805.4 % 560.67 (4.6 %) 578.45 (2.9 %)
H2 2020 668.84 3.4 % 90.68 223.2 % 549.41 (7.6 %) 544.47 (9.7 %)
H1 2021 661.16 3.3 % 100.46 66.1 % 536.75 (4.3 %) 593.93 2.7 %
H2 2021 660.03 (1.3 %) 100.29 10.6 % 533.85 (2.8 %) 594.60 9.2 %
H1 2022 734.80 11.1 % 201.07 100.1 % 508.28 (5.3 %) 587.58 (1.1 %)
H2 2022 726.18 10.0 % 200.68 100.1 % 499.24 (6.5 %) 620.46 4.4 %
H1 2023 749.96 2.1 % 200.44 (0.3 %) 514.12 1.1 % 630.22 7.3 %
H2 2023 748.93 3.1 % 200.04 (0.3 %) 513.66 2.9 % 643.19 3.7 %
H1 2024 741.61 (1.1 %) 199.77 (0.3 %) 515.93 0.4 % 658.73 4.5 %
H2 2024 738.11 (1.4 %) 207.48 3.7 % 514.30 0.1 % 674.73 4.9 %

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - - -
H1 2018 0.34 0.22 10.14 9.76
H2 2018 0.34 (0.15) 9.98 10.03
H1 2019 0.34 0.23 9.57 9.70
H2 2019 0.32 0.12 9.69 9.82
H1 2020 0.17 0.06 9.14 9.43
H2 2020 0.26 (0.18) 8.95 8.87
H1 2021 0.30 0.18 8.75 9.68
H2 2021 0.33 (0.05) 8.70 9.69
H1 2022 0.35 0.17 8.28 9.57
H2 2022 0.34 0.29 8.13 10.11
H1 2023 0.33 0.42 8.38 10.27
H2 2023 0.34 0.30 8.37 10.48
H1 2024 0.36 0.37 8.41 10.73
H2 2024 0.36 0.30 8.38 10.99

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