Financial Results : Riyad REIT FFO at SAR 22M, net loss at SAR 187.3M in 2024

Riyad REIT FFO at SAR 22M, net loss at SAR 187.3M in 2024

27/03/2025 Argaam Exclusive

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Riyad REIT Fund reported funds from operations (FFO) of SAR 22 million (SAR 0.13 per unit) in 2024, compared to SAR 55 million (SAR 0.32 per unit) in 2023.

 

Net loss reached SAR 187.3 million (SAR -1.09 per unit) last year, compared to SAR 21.7 million (SAR 0.13 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 257.98 264.47 2.5 %
Funds from Operations(FFO) 54.99 21.84 (60.3 %)
Net Income 21.65 (187.28) (964.9 %)
No of shares 171.70 171.70 -
Earnings Per Share before unusual items (Riyals) 0.13 (0.99) (885.1 %)
Operating EPS (Riyal) 0.32 0.13 (60.3 %)
EPS (Riyal) 0.13 (1.09) (964.9 %)

Riyad REIT booked SAR 125.3 million in unrealized losses on fair-value investments and SAR 50.2 million in impairment losses on real estate investments, both absent in the prior-year period.

 

It also recorded SAR 17.3 million in realized losses from the sale of Al-Shatea Tower in Dammam.

 

Operating costs climbed, with property management expenses rising to SAR 11.8 million from SAR 9.5 million and provisions for expected credit losses increasing to SAR 4.5 million from SAR 2.7 million. Financing costs also moved higher.

 

These headwinds were partially offset by stronger hotel revenue, as Braira Hittin Hotel & Villas reached full occupancy, up from 87% a year ago. However, Ascott Tahlia Hotel’s occupancy dropped to 0% after a tenant contract termination, with negotiations underway for a new lease.

 

Lower fund management fees and a decline in general and administrative expenses also provided some support.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 138.29 131.95 (4.6 %)
Funds from Operations(FFO) 4.95 16.42 231.6 %
Net Income (13.25) (193.24) (1,357.9 %)
No of shares 171.70 171.70 -
Operating EPS (Riyal) 0.03 0.10 231.6 %
EPS (Riyal) (0.08) (1.13) (1,357.9 %)

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 3,040.88 2,772.88 (8.8 %)
Total Debt 1,434.64 1,393.67 (2.9 %)
Net assets attributable to the Unitholders Item 1,467.11 1,228.35 (16.3 %)
Market value of net assets 1,891.30 1,746.23 (7.7 %)

The net book value per unit reached SAR 7.15, while the market value of assets per unit reached SAR 10.17.

 

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