Financial Results : Alkhabeer REIT generates SAR 62.4M FFO, SAR 59.3M net profit in 2024

Alkhabeer REIT generates SAR 62.4M FFO, SAR 59.3M net profit in 2024

27/03/2025 Argaam Exclusive

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Alkhabeer REIT Fund reported funds from operations (FFO) to nearly SAR 62.4 million (SAR 0.44 per unit) in 2024, from SAR 62 million (SAR 0.44 per unit) in 2023.
The fund posted an annual net income of SAR 59.3 million (SAR 0.42 per unit), marking a 69% rise from SAR 35.1 million (SAR 0.25 per unit) in 2023.


Financials (M)

Item 2023 2024 Change‬
Rental Income 123.72 129.36 4.6 %
Funds from Operations(FFO) 62.02 62.38 0.6 %
Net Income 35.14 59.34 68.9 %
No of shares 141.01 141.01 0.0 %
Earnings Per Share before unusual items (Riyals) 0.25 0.26 5.6 %
Operating EPS (Riyal) 0.44 0.44 0.6 %
EPS (Riyal) 0.25 0.42 68.9 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,860.58 1,859.52 (0.1 %)
Total Debt 752.33 751.49 (0.1 %)
Net assets attributable to the Unitholders Item 1,045.61 1,045.72 0.0 %
Market value of net assets 1,192.83 1,222.58 2.5 %
Additionally, the year 2023 included credit facility rescheduling costs of SAR 2.3 million.
On the other hand, financing costs rose to SAR 41 million from SAR 31.8 million in 2023.

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The fund posted an annual net income of SAR 59.3 million (SAR 0.42 per unit), marking a 69% rise from SAR 35.1 million (SAR 0.25 per unit) in 2023.
 
The annual profit was driven by an increase in the rental income to SAR 129.3 million from SAR 123.7 million in 2023 on increased occupancy rates at Gallery Mall by 8% to 68%.
 
Alkhabeer REIT recorded one-off profits of SAR 22.2million from the sale of P&Q (formerly Home Works Center).


Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 62.00 63.11 1.8 %
Funds from Operations(FFO) 29.80 28.76 (3.5 %)
Net Income 17.95 11.78 (34.3 %)
No of shares 141.01 141.01 0.0 %
Operating EPS (Riyal) 0.21 0.20 (3.5 %)
EPS (Riyal) 0.13 0.08 (34.3 %)

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