Financial Results : Alinma Hospitality REIT logs SAR 66.6M FFO in 2024, net profit at SAR 48.8M

Alinma Hospitality REIT logs SAR 66.6M FFO in 2024, net profit at SAR 48.8M

27/03/2025 Argaam Exclusive

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Alinma Hospitality REIT Fund recorded a net profit of SAR 48.8 million (SAR 0.48 per unit) in 2024, compared with SAR 60.4 million a year earlier.

 

Funds from operations (FFO) amounted to around SAR 66.6 million (SAR 0.65 per unit), falling 18% from SAR 81 million (SAR 0.79 per unit).



Financials (M)

Item 2023 2024 Change‬
Rental Income 89.45 74.41 (16.8 %)
Funds from Operations(FFO) 81.02 66.56 (17.8 %)
Net Income 60.45 48.85 (19.2 %)
No of shares 102.00 102.00 -
Earnings Per Share before unusual items (Riyals) 0.61 0.48 (22.0 %)
Operating EPS (Riyal) 0.79 0.65 (17.8 %)
EPS (Riyal) 0.59 0.48 (19.2 %)

The fund posted lower revenue from investment properties to SAR 74.4 million, compared with SAR 89.5 million a year before.

 

Income from financial assets at fair value fell to SAR 636,000 in 2024, compared to SAR 1.3 million in 2023.

 

However, the fund achieved special commission income of SAR 1.3 million. The comparable period included fund establishment costs amounting to SAR 2.2 million, compared to none for the current period.

 

Management fees declined to SAR 6.6 million in 2024, compared to SAR 7 million a year before.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 37.51 37.31 (0.5 %)
Funds from Operations(FFO) 33.57 33.32 (0.7 %)
Net Income 24.54 24.54 0.0 %
No of shares 102.00 102.00 -
Operating EPS (Riyal) 0.33 0.33 (0.7 %)
EPS (Riyal) 0.24 0.24 0.0 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,057.12 1,045.70 (1.1 %)
Net assets attributable to the Unitholders Item 1,047.83 1,031.40 (1.6 %)
Market value of net assets 1,091.89 1,115.12 2.1 %

Net market value of assets per unit reached SAR 10.93.

 

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