Financial Results : AlJazira REIT's FFO grows 16% to SAR 4.9M in 2024; net profit at SAR 3M

AlJazira REIT's FFO grows 16% to SAR 4.9M in 2024; net profit at SAR 3M

27/03/2025 Argaam Exclusive

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AlJazira REIT Fund reported a 16% rise in funds from operations (FFO) to nearly SAR 4.9 million (SAR 0.41 per unit) in 2024, from SAR 4.2 million (SAR 0.36 per unit) in 2023.

 

The fund’s net profit dropped 58% to SAR 3 million (SAR 0.26 per unit) for 2024, compared to SAR 7.2 million (SAR 0.61 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 5.98 6.41 7.3 %
Funds from Operations(FFO) 4.21 4.88 15.9 %
Net Income 7.25 3.02 (58.3 %)
No of shares 11.80 11.80 -
Earnings Per Share before unusual items (Riyals) 0.61 0.26 (58.3 %)
Operating EPS (Riyal) 0.36 0.41 15.9 %
EPS (Riyal) 0.61 0.26 (58.3 %)

Property management expenses increased to SAR 256,000 in 2024, compared to SAR 234,000 a year before.

 

Fund management fees rose to SAR 813,600, compared to SAR 782,100 in 2023.

 

However, rental income grew by 7% YoY to SAR 6.4 million in 2024. In addition, other expenses declined, and gains from investments measured at fair value through profit or loss were realized.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 2.99 3.33 11.6 %
Funds from Operations(FFO) 1.99 2.56 28.4 %
Net Income 4.19 (2.14) (151.1 %)
No of shares 11.80 11.80 -
Operating EPS (Riyal) 0.17 0.22 28.4 %
EPS (Riyal) 0.36 (0.18) (151.1 %)

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 90.59 89.01 (1.7 %)
Net assets attributable to the Unitholders Item 88.01 86.31 (1.9 %)
Market value of net assets 88.41 86.31 (2.4 %)

Net book value per unit reached SAR 7.31.

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