Jadwa REIT Saudi’s FFO up 28% to SAR 106.5M in 2024; net profit down to SAR 55.8M

27/03/2025 Argaam Exclusive

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Jadwa REIT Saudi Fund’s funds from operations (FFO) grew 28% year-on-year (YoY) to about SAR 106.5 million (SAR 0.57 per unit) in 2024, up from SAR 82.9 million (SAR 0.44 per unit) in 2023.

Financials (M)

Item	2023	2024	Change‬
Rental Income	141.25	177.97	26.0 %
Funds from Operations(FFO)	82.89	106.45	28.4 %
Net Income	200.27	55.78	(72.2 %)
No of shares	186.51	186.51	0.0 %
Earnings Per Share before unusual items (Riyals)	0.99	0.29	(70.5 %)
Operating EPS (Riyal)	0.44	0.57	28.4 %
EPS (Riyal)	1.07	0.30	(72.2 %)

The profit decline is attributed to a decrease in dividend distributions to SAR 3.8 million in 2024, compared to SAR 54 million in 2023.

The fund booked a provision for impairment losses of rental income and other assets amounting to SAR 3.4 million in the current period, compared to a reversal of a provision of SAR 15.2 million a year earlier.

Additionally, Jadwa REIT Saudi reported unrealized loss on financial assets at fair value through profit or loss of SAR 10.3 million in 2024, from a profit of SAR 46.1 million in 2023.

Meanwhile, there was an increase in administrative and general expenses and a rise in financial charges to SAR 38.6 million in the current period, compared to SAR 28.1 million in the previous year.

On the other hand, rental income from investment properties increased by 26% to SAR 178 million in 2024, compared to SAR 141.3 million in 2023, due to the fund's acquisition of the Jeddah Land property, which is 100% occupied.

The fund also realized non-recurring gains from divesting investment properties worth SAR 1.2 million during the current period.

Residential investment represented 25% of the total investment portfolio of the fund, while commercial investment accounted for 21%. Offices followed at 17%, retail (14%), warehousing (11%), education 10%, and hospitality (2%).

Interim Comparasion (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Rental Income	73.55	91.80	24.8 %
Funds from Operations(FFO)	55.08	57.87	5.1 %
Net Income	158.79	44.27	(72.1 %)
No of shares	186.51	186.51	0.0 %
Operating EPS (Riyal)	0.30	0.31	5.1 %
EPS (Riyal)	0.85	0.24	(72.1 %)

Item	H1 2024	H2 2024	Change‬
Rental Income	86.17	91.80	6.5 %
Funds from Operations(FFO)	48.59	57.87	19.1 %
Net Income	11.50	44.27	284.9 %
No of shares	186.51	186.51	-
Operating EPS (Riyal)	0.26	0.31	19.1 %
EPS (Riyal)	0.06	0.24	284.9 %

Balance Sheet (Million)

Item	2023	2024	Change‬
Total Assets	2,070.24	2,308.79	11.5 %
Total Debt	202.12	542.50	168.4 %
Net assets attributable to the Unitholders Item	1,830.56	1,737.13	(5.1 %)
Market value of net assets	2,118.98	2,206.95	4.2 %

The net book value per unit reached SAR 9.31, while the net market value per unit stood at SAR 11.83.

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