Financial Results : Jadwa REIT Saudi makes SAR 113.8M FFO, earns SAR 64.6M in 2025

Jadwa REIT Saudi makes SAR 113.8M FFO, earns SAR 64.6M in 2025

29/03/2026 Argaam Exclusive

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Jadwa REIT Saudi Fund reported funds from operations (FFO) of around SAR 113.8 million (SAR 0.61 per unit) for 2025, compared with SAR 106.5 million (SAR 0.57 per unit) a year earlier.



Financials (M)

Item 2024 2025 Change‬
Rental Income 177.97 189.56 6.5 %
Funds from Operations(FFO) 106.45 113.80 6.9 %
Net Income 55.78 64.60 15.8 %
No of shares 186.51 186.51 -
Earnings Per Share before unusual items (Riyals) 0.29 0.35 18.5 %
Operating EPS (Riyal) 0.57 0.61 6.9 %
EPS (Riyal) 0.30 0.35 15.8 %

The fund also posted net profit of SAR 64.6 million (SAR 0.35 per unit) by the end of 2025, compared to SAR 55.8 million (SAR 0.30 per unit) in the corresponding period of 2024, Jadwa Investment, the fund manager, said in a statement to Tadawul.

 

The increase in profit was mainly driven by the reversal of an impairment provision on investment properties worth SAR 2 million, compared to a provision of SAR 10.4 million recorded in the year-earlier period.

 

This was supported by a 7% year-on-year (YoY) rise in revenues from investment properties to SAR 189.6 million, versus SAR 178 million a year earlier, despite maintaining a high occupancy rate of 99% since 2023, while the number of tenants declined to 74 from 78.

 

The positive performance was further aided by lower management fees, depreciation, and finance costs, as well as higher financing income.

 

This came despite a 53% increase in losses from financial assets to SAR 15.7 million, compared to SAR 10.3 million in the corresponding period last year. The fund also recorded gains of SAR 19.4 million from the sale of 4.3 million units in a real estate investment fund.

 

In addition, the fund did not record dividend income during the current period, compared to SAR 3.8 million in the year-earlier period, alongside the absence of gains from the disposal of investment properties, which amounted to SAR 1.2 million previously.



Interim Comparasion (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 91.80 95.39 3.9 %
Funds from Operations(FFO) 57.87 57.06 (1.4 %)
Net Income 44.27 18.66 (57.8 %)
No of shares 186.51 186.51 -
Operating EPS (Riyal) 0.31 0.31 (1.4 %)
EPS (Riyal) 0.24 0.10 (57.8 %)

Balance Sheet (Million)

Item 2024 2025 Change‬
Total Assets 2,308.79 2,227.55 (3.5 %)
Total Debt 542.50 542.50 -
Net assets attributable to the Unitholders Item 1,737.13 1,652.52 (4.9 %)
Market value of net assets 2,206.95 2,190.98 (0.7 %)

Moreover, expected credit loss provisions and administrative expenses increased, while other income declined compared to the corresponding period last year.

 

The investment portfolio was distributed across sectors as follows: residential (25%), offices (17%), retail (37%), logistics (11%), and education (10%).

 

Net asset value (NAV) per unit stood at SAR 8.86, while the market value of assets per unit reached SAR 11.75.

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