Alwaha REIT’s FFO slips 15% to SAR 12.3M in 2024; net profit down to SAR 11.6M

Alwaha REIT’s FFO slips 15% to SAR 12.3M in 2024; net profit down to SAR 11.6M

23/03/2025 Argaam Exclusive

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Alwaha REIT Fund reported funds from operations (FFO) of SAR 12.3 million (SAR 0.82 per unit) for 2024, down 15% from SAR 14.4 million (SAR 0.96 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 19.43 18.79 (3.3 %)
Funds from Operations(FFO) 14.36 12.27 (14.5 %)
Net Income 13.62 11.60 (14.8 %)
No of shares 15.00 15.00 -
Earnings Per Share before unusual items 0.91 0.77 (14.8 %)
Operating EPS (Riyals) 0.96 0.82 (14.5 %)
EPS (Riyals) 0.91 0.77 (14.8 %)

Net profit reached SAR 11.6 million (SAR 0.77 per unit) during the same year, compared to SAR 13.6 million (SAR 0.91 per unit) in 2023.

 

The annual profit decline was ascribed mainly to a 3% drop in rental revenue to amount to SAR 18.78 million by 2024-end.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 8.88 9.49 6.9 %
Funds from Operations(FFO) 6.39 5.26 (17.7 %)
Net Income 6.00 4.95 (17.6 %)
No of shares 15.00 15.00 -
Operating EPS (Riyals) 0.43 0.35 (17.7 %)
EPS (Riyals) 0.40 0.33 (17.6 %)

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 164.57 162.72 (1.1 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 157.17 157.51 0.2 %
Market value of net assets 170.43 191.42 12.3 %

Additionally, an expected credit loss provision of SAR 1.87 million was recorded in 2024, compared to SAR 106,000 a year ago.

 

Net asset value (NAV) stood at SAR 157.51 million by the end of 2024, while the net book value per unit reached SAR 10.50.

 

The market value of assets amounted to SAR 191.42 million by the end of 2024, with a market value per unit of SAR 12.76.

 

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