Financial Results : Al Maather REIT posts SAR 44.2M FFO, SAR 34M net profit in 2025

Al Maather REIT posts SAR 44.2M FFO, SAR 34M net profit in 2025

29/03/2026 Argaam Exclusive

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Al Maather REIT Fund reported funds from operations (FFO) of SAR 44.2 million (SAR 0.72 per unit) for 2025, marginally higher from SAR 44.1 million (SAR 0.72 per unit) in 2024. 
 
The full-year net profit declined to SAR 34 million (SAR 0.55 per unit), from SAR 41.1 million (SAR 0.67 per share) in 2024. 


Financials (M)

Item 2024 2025 Change‬
Rental Income 62.82 66.96 6.6 %
Funds from Operations(FFO) 44.10 44.20 0.2 %
Net Income 41.14 34.02 (17.3 %)
No of shares 61.37 61.37 -
Earnings Per Share before unusual items (Riyals) 0.67 0.55 (17.3 %)
Operating EPS (Riyal) 0.72 0.72 0.2 %
EPS (Riyal) 0.67 0.55 (17.3 %)
The profit decline is mainly due to a decrease in the reversal of impairment provisions for investment properties to SAR 7.5 million, down 48% compared to SAR 14.5 million in the same period last year.
 
Moreover, the fund recorded an impairment loss provision for usufruct contracts amounting to SAR 405,000, compared to a reversal of impairment losses of SAR 26,000 in the same period last year.
 
This is in addition to expected credit losses of SAR 1.3 million in 2025, compared to a reversal of SAR 409,000 in the same period last year. Financing costs also rose by 26%.


Interim Comparasion (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 31.38 34.25 9.1 %
Funds from Operations(FFO) 22.01 22.19 0.8 %
Net Income 18.64 14.30 (23.3 %)
No of shares 61.37 61.37 -
Operating EPS (Riyal) 0.36 0.36 0.8 %
EPS (Riyal) 0.30 0.23 (23.3 %)

Balance Sheet (Million)

Item 2024 2025 Change‬
Total Assets 738.11 728.73 (1.3 %)
Total Debt 199.34 198.60 (0.4 %)
Net assets attributable to the Unitholders Item 514.30 507.20 (1.4 %)
Market value of net assets 674.73 699.31 3.6 %
On the other hand, rental income increased by 7%, reaching SAR 67 million in 2025, compared to SAR 63 million in the same period last year.
 
Net asset value (NAV) per unit stood at SAR 8.26, while the market value of assets per unit reached SAR 11.40.

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