Financial Results : AlAhli REIT 1 posts SAR 23.3M FFO, SAR 9.2M profit in H1 2025

AlAhli REIT 1 posts SAR 23.3M FFO, SAR 9.2M profit in H1 2025

11/08/2025 Argaam Exclusive

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AlAhli REIT Fund 1 reported a net profit decline of 38% to 9.2 million (SAR 0.07 per unit) in H1 2025, compared to SAR 14.8 million (SAR 0.11 per unit) in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Rental Income 91.55 90.20 (1.5 %)
Funds from Operations(FFO) 26.79 23.33 (12.9 %)
Net Income 14.80 9.16 (38.2 %)
No of shares 137.50 137.50 -
Earnings Per Share before unusual items (Riyals) 0.11 0.07 (38.2 %)
Operating EPS (Riyal) 0.19 0.17 (12.9 %)
EPS (Riyal) 0.11 0.07 (38.2 %)

Funds from operations (FFO) stood at SAR 23.3 million in H1 2025, versus SAR 26.8 million in the year before.

 

Fund manager SNB Capital stated that the decline in H1 revenue was due to a fall in revenue from the hotel operations, partially offset by a rise in rental revenue from investment properties.



Balance Sheet (Million)

Item 6m 2024 6m 2025 Change‬
Total Assets 2,016.57 2,008.05 (0.4 %)
Total Debt 680.22 735.14 8.1 %
Net assets attributable to the Unitholders Item 1,218.30 1,170.58 (3.9 %)
Market value of net assets 1,381.22 1,374.80 (0.5 %)

Net asset value (NAV) stood at SAR 1.17 billion as of June 30, 2025, while the NAV per unit reached SAR 8.51.

 

The market value of assets reached SAR 1.37 billion by the end of H1 2025, while the per unit fair value stood at SAR 10.

 

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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 %)
H1 2025 90.20 (1.5 %) 23.33 (12.9 %) 9.16 (38.2 %)

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 %)
H1 2025 2,008.05 (0.4 %) 735.14 8.1 % 1,170.58 (3.9 %) 1,374.80 (0.5 %)

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
H1 2025 0.17 0.07 8.51 10.00


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 0.75
Asset Growth (%) (0.42 )
Revenue Growth (%) 2.3
Net Income Growth (%) (36.73 )
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Share Price

AlAhli REIT Fund 1
6.37
0.02 0.31 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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