Al Aziziah REIT logs SAR 3.4M FFO, loses SAR 929,000 in 2025

31/03/2026 Argaam Exclusive

Al Aziziah REIT posted a net loss of SAR 929,000 (-SAR 0.02 per unit) in 2025, compared with SAR 114.9 million (-SAR 2.01 per unit) a year earlier.

 

Funds from operations (FFO) reached SAR 3.4 million (SAR 0.06 per unit) in 2025, compared with SAR 2.5 million (SAR 0.04 per unit) a year before.



Financials (Million Riyal)

Item 2024 2025 Change‬
Rental Income 17.69 20.76 17.4 %
Funds from Operations(FFO) 2.47 3.42 38.6 %
Net Income (114.92) (0.93) 99.2 %
No of shares 57.24 57.24 -
Earnings Per Share before unusual items (Riyals) (2.01) 0.05 102.6 %
Operating EPS (Riyal) 0.04 0.06 38.6 %
EPS (Riyal) (2.01) (0.02) 99.2 %

The fund reported a reversal of property investment impairment of SAR 9.1 million, compared with a provision of SAR 108.4 million a year earlier.

 

Rental income rose 17% to SAR 20.8 million from SAR 17.7 million, with fund properties achieving 100% occupancy by end-2025.

 

This was despite SAR 4 million in write-offs of other receivables and a SAR 2.3 million VAT provision, versus none in the same period last year.



Interim Comparasion (Million Riyal)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 7.64 10.50 37.6 %
Funds from Operations(FFO) 0.48 2.06 327.3 %
Net Income (12.81) (1.45) 88.7 %
No of shares 57.24 57.24 -
Operating EPS (Riyal) 0.01 0.04 327.3 %
EPS (Riyal) (0.22) (0.03) 88.7 %


Balance Sheet (Billion Riyal)

Item 2024 2025 Change‬
Total Assets 412.38 396.14 (3.9 %)
Total Debt 149.89 149.89 -
Net assets attributable to the Unitholders Item 243.04 242.11 (0.4 %)
Market value of net assets 322.38 303.20 (5.9 %)

Net book value of assets per unit amounted to SAR 4.23, while the market value of assets per unit reached SAR 5.3.

 

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Share Price

Al AZIZIAH REIT Fund
4.11
0.04 0.98 %

Al AZIZIAH REIT Fund (Al AZIZIAH REIT)

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Financial Ratios
Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (0.26 )
Funds from operations/Unit ( Riyal) 0.13
Par Value ( Riyal) 10.00
Dividend Yield (%) (Last Year)
Price/book 1.05
Asset Growth (%) (5.80 )
Revenue Growth (%) 29.8
Net Income Growth (%) (20.46 )
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Financial results (Million Riyal)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 19.74 - 15.75 - 11.61 -
H2 2018 19.43 - 15.36 - 13.03 -
H1 2019 19.16 (2.9 %) 15.43 (2.0 %) 12.08 4.0 %
H2 2019 19.48 0.3 % 15.62 1.7 % 12.36 (5.1 %)
H1 2020 19.21 0.3 % 5.95 (61.5 %) (12.88) (206.6 %)
H2 2020 - - (0.64) (104.1 %) (42.16) (441.1 %)
H1 2021 6.77 (64.7 %) 4.72 (20.6 %) (5.98) 53.6 %
H2 2021 8.28 - 4.62 821.6 % 6.96 116.5 %
H1 2022 18.25 169.4 % 14.27 202.2 % 22.19 471.1 %
H2 2022 18.54 124.0 % (3.58) (177.4 %) (105.57) (1616.9 %)
H1 2023 8.65 (52.6 %) 2.58 (81.9 %) (48.23) (317.4 %)
H2 2023 11.31 (39.0 %) 1.16 132.6 % (4.00) 96.2 %
H1 2024 10.05 16.2 % 1.99 (22.9 %) (102.11) (111.7 %)
H2 2024 7.64 (32.5 %) 0.48 (58.5 %) (12.81) (220.0 %)
H1 2025 10.26 2.1 % 1.36 (31.6 %) 0.52 100.5 %
H2 2025 10.50 37.6 % 2.06 327.3 % (1.45) 88.7 %
2025 20.76 17.4 % 3.42 38.6 % (0.93) 99.2 %


Balance Sheet (Billion Riyal)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 604.71 - - - 584.01 - 588.50 -
H2 2018 583.88 - - - 582.16 - 589.07 -
H1 2019 581.19 (3.9 %) - - 579.35 (0.8 %) 589.73 0.2 %
H2 2019 578.80 (0.9 %) - - 576.83 (0.9 %) 590.66 0.3 %
H1 2020 549.72 (5.4 %) - - 549.07 (5.2 %) 549.07 (6.9 %)
H2 2020 501.65 (13.3 %) - - 501.18 (13.1 %) 501.18 (15.1 %)
H1 2021 658.89 19.9 % 149.89 - 495.20 (9.8 %) 495.23 (9.8 %)
H2 2021 654.17 30.4 % 149.89 - 502.16 0.2 % 502.16 0.2 %
H1 2022 672.80 2.1 % 150.41 0.3 % 515.76 4.2 % 515.76 4.1 %
H2 2022 577.13 (11.8 %) 149.89 0.0 % 410.19 (18.3 %) 410.19 (18.3 %)
H1 2023 536.20 (20.3 %) 149.89 (0.3 %) 361.97 (29.8 %) 361.96 (29.8 %)
H2 2023 527.53 (8.6 %) 149.89 0.0 % 357.75 (12.8 %) 357.96 (12.7 %)
H1 2024 431.26 (19.6 %) 149.89 0.0 % 255.85 (29.3 %) 329.74 (8.9 %)
H2 2024 412.38 (21.8 %) 149.89 0.0 % 243.04 (32.1 %) 322.38 (9.9 %)
H1 2025 405.92 (5.9 %) 149.89 0.0 % 243.55 (4.8 %) 311.54 (5.5 %)
H2 2025 396.14 (3.9 %) 149.89 0.0 % 242.11 (0.4 %) 303.20 (6.0 %)

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.28 0.20 10.20 10.28
H2 2018 0.27 0.23 10.17 10.29
H1 2019 0.27 0.21 10.12 10.30
H2 2019 0.27 0.22 10.08 10.32
H1 2020 0.10 (0.22) 9.59 9.59
H2 2020 (0.01) (0.74) 8.76 8.76
H1 2021 0.08 (0.10) 8.65 8.65
H2 2021 0.08 0.12 8.77 8.77
H1 2022 0.25 0.39 9.01 9.01
H2 2022 (0.06) (1.84) 7.17 7.17
H1 2023 0.05 (0.84) 6.32 6.32
H2 2023 0.02 (0.07) 6.25 6.25
H1 2024 0.03 (1.78) 4.47 5.76
H2 2024 0.01 (0.22) 4.25 5.63
H1 2025 0.02 0.01 4.25 5.44
H2 2025 0.04 (0.03) 4.23 5.30

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