Derayah REIT records SAR 17M FFO, SAR 7M earnings in H1 2025

11/08/2025 Argaam Exclusive

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Derayah REIT Fund reported funds from operations (FFO) of SAR 17 million (SAR 0.16 per unit) for H1 2025, up 14% from SAR 15 million (SAR 0.14 per unit) a year earlier.

 

However, net profit came in at SAR 7 million (SAR 0.06 per unit) for the six-month period, down 42% from SAR 12 million (SAR 0.11 per unit) in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Rental Income 49.54 50.93 2.8 %
Funds from Operations(FFO) 15.01 17.05 13.5 %
Net Income 12.02 6.96 (42.1 %)
No of shares 107.51 107.51 -
Earnings Per Share before unusual items (Riyals) 0.11 0.06 (42.1 %)
Operating EPS (Riyal) 0.14 0.16 13.5 %
EPS (Riyal) 0.11 0.06 (42.1 %)

The six-month profit pullback was attributed to a lower reversal of impairment on investment properties of SAR 197,000 in the current period, compared to SAR 8 million in H1 2024.

 

This came despite a 3% year-on-year (YoY) rise in rental income to SAR 50.9 million by the end of the first half of this year, alongside a 2% drop in expenses on the back of a 15% decline in financing costs to SAR 20.6 million.

 

During the same period, Derayah REIT recognized realized and unrealized investment gains, against none in H1 2024, although other expenses and property management fees increased on an annual basis.



Balance Sheet (Million)

Item 6m 2024 6m 2025 Change‬
Total Assets 1,527.32 1,507.75 (1.3 %)
Total Debt 607.98 610.00 0.3 %
Net assets attributable to the Unitholders Item 887.30 858.48 (3.2 %)
Market value of net assets 984.98 1,025.49 4.1 %

The fund’s net asset value (NAV) stood at SAR 858.48 million as of June 30, 2025, with a net book value per unit of SAR 7.99.

 

The market value of assets reached SAR 1.02 billion, with a market value per unit of SAR 9.54.

 

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Share Price

Derayah REIT Fund
5.49
(0.04) (0.72 %)

Derayah REIT Fund (DERAYAH REIT)

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Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.09
Funds from operations/Unit ( Riyal) 0.29
Par Value ( Riyal) 10.00
Price/book 0.69
Asset Growth (%) (1.28 )
Revenue Growth (%) (4.89 )
Net Income Growth (%) (82.08 )
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