Financial Results : AlAhli REIT 1 logs SAR 52.7M FFO, SAR 26.7M net profit in 2024

AlAhli REIT 1 logs SAR 52.7M FFO, SAR 26.7M net profit in 2024

27/03/2025 Argaam Exclusive

View other reports

AlAhli REIT Fund 1’s funds from operations (FFO) slumped 18% year-on-year (YoY) to about SAR 52.7 million (SAR 0.38 per unit) in 2024, down from SAR 64.1 million (SAR 0.47 per unit) in 2023.

 

Net profit dropped 34% to SAR 26.7 million (SAR 0.19 per unit) from SAR 40.6 million (SAR 0.29 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 183.06 187.65 2.5 %
Funds from Operations(FFO) 64.12 52.66 (17.9 %)
Net Income 40.56 26.68 (34.2 %)
No of shares 137.50 137.50 -
Earnings Per Share before unusual items (Riyals) 0.29 0.19 (34.2 %)
Operating EPS (Riyal) 0.47 0.38 (17.9 %)
EPS (Riyal) 0.29 0.19 (34.2 %)


Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 90.53 96.10 6.1 %
Funds from Operations(FFO) 30.15 25.87 (14.2 %)
Net Income 18.44 11.88 (35.6 %)
No of shares 137.50 137.50 -
Operating EPS (Riyal) 0.22 0.19 (14.2 %)
EPS (Riyal) 0.13 0.09 (35.6 %)

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,985.32 1,986.48 0.1 %
Total Debt 660.01 714.28 8.2 %
Net assets attributable to the Unitholders Item 1,237.88 1,195.80 (3.4 %)
Market value of net assets 1,406.63 1,381.52 (1.8 %)

The annual profit drop was attributed to an increase in operating expenses to SAR 56.1 million, compared to SAR 48.6 million a year earlier.

 

The fund also reported higher financing costs and booked an SAR 8 million provision for impairment losses on property, plant, and equipment (PP&E) for the period.

 

Meanwhile, rental revenue from investment properties edged up to SAR 168.5 million in 2024 from SAR 167.3 million in 2023. The slight increase was driven by a 10% rise in occupancy rates at Al Andalus Mall Hotel to 70%, while Qbic Plaza maintained full occupancy at 100% during the period.

 

In contrast, occupancy rates at Salama Tower and Al Andalus Mall declined in 2024. Salama Tower saw its first drop since reaching full occupancy years ago, falling 12% to 88%. Al Andalus Mall’s occupancy also slipped 6% to 88%.

 

AlAhli REIT Fund 1 also reported a sharp drop in impairment losses on operating lease receivables, which fell to SAR 1.3 million in 2024 from SAR 8.5 million a year earlier. Other expenses also declined during the period.

The net book value per unit reached SAR 8.70, while the net market value per unit stood at SAR 10.05.

 

View More Financial Results

 


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 75.60 - 47.47 - 37.14 -
H2 2018 72.73 - 39.76 - 29.52 -
H1 2019 70.41 (6.9 %) 40.85 (13.9 %) 30.74 (17.2 %)
H2 2019 81.29 11.8 % 37.91 (4.7 %) 29.29 (0.8 %)
H1 2020 63.07 (10.4 %) 29.69 (27.3 %) 1.62 (94.7 %)
H2 2020 78.24 (3.7 %) 33.92 (10.5 %) 13.10 (55.3 %)
H1 2021 88.52 40.4 % 49.93 68.2 % 37.16 2193.6 %
H2 2021 94.89 21.3 % 51.44 51.6 % 38.26 192.0 %
H1 2022 92.61 4.6 % 50.76 1.7 % 37.82 1.8 %
H2 2022 92.51 (2.5 %) 41.18 (20.0 %) 28.29 (26.1 %)
H1 2023 92.53 (0.1 %) 33.97 (33.1 %) 22.12 (41.5 %)
H2 2023 90.53 (2.1 %) 30.15 (26.8 %) 18.44 (34.8 %)
H1 2024 91.55 (1.1 %) 26.79 (21.1 %) 14.80 (33.1 %)
H2 2024 96.10 6.1 % 25.87 (14.2 %) 11.88 (35.6 %)
2024 187.65 2.5 % 52.66 (17.9 %) 26.68 (34.2 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 1,464.37 - - - 1,412.14 - 1,389.48 -
H2 2018 1,450.19 - - - 1,396.97 - 1,416.96 -
H1 2019 1,430.55 (2.3 %) - - 1,383.02 (2.1 %) 1,379.00 (0.8 %)
H2 2019 1,694.37 16.8 % 253.05 - 1,367.62 (2.1 %) 1,396.62 (1.4 %)
H1 2020 1,905.15 33.2 % 501.63 - 1,324.56 (4.2 %) 1,318.00 (4.4 %)
H2 2020 1,903.40 12.3 % 515.00 103.5 % 1,320.47 (3.4 %) 1,361.35 (2.5 %)
H1 2021 1,956.60 2.7 % 558.22 11.3 % 1,312.94 (0.9 %) 1,349.29 2.4 %
H2 2021 1,936.75 1.8 % 558.73 8.5 % 1,303.08 (1.3 %) 1,332.05 (2.2 %)
H1 2022 1,954.37 (0.1 %) 559.08 0.2 % 1,292.78 (1.5 %) 1,459.40 8.2 %
H2 2022 1,936.69 0.0 % 589.20 5.5 % 1,272.94 (2.3 %) 1,439.71 8.1 %
H1 2023 2,001.43 2.4 % 648.03 15.9 % 1,253.81 (3.0 %) 1,431.43 (1.9 %)
H2 2023 1,985.32 2.5 % 660.01 12.0 % 1,237.88 (2.8 %) 1,406.63 (2.3 %)
H1 2024 2,016.57 0.8 % 680.22 5.0 % 1,218.30 (2.8 %) 1,381.22 (3.5 %)
H2 2024 1,986.48 0.1 % 714.28 8.2 % 1,195.80 (3.4 %) 1,381.52 (1.8 %)

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.35 0.27 10.27 10.11
H2 2018 0.29 0.21 10.16 10.31
H1 2019 0.30 0.22 10.06 10.03
H2 2019 0.28 0.21 9.95 10.16
H1 2020 0.22 0.01 9.63 9.59
H2 2020 0.25 0.10 9.60 9.90
H1 2021 0.36 0.27 9.55 9.81
H2 2021 0.37 0.28 9.48 9.69
H1 2022 0.37 0.28 9.40 10.61
H2 2022 0.30 0.21 9.26 10.47
H1 2023 0.25 0.16 9.12 10.41
H2 2023 0.22 0.13 9.00 10.23
H1 2024 0.19 0.11 8.86 10.05
H2 2024 0.19 0.09 8.70 10.05


Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.15
Funds from operations/Unit ( Riyal) 0.36
Par Value ( Riyal) 10.00
Price/book 0.77
Asset Growth (%) (0.42 )
Revenue Growth (%) 2.3
Net Income Growth (%) (36.73 )
more

Share Price

AlAhli REIT Fund 1
6.51
0.16 2.52 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.