Jadwa REIT Al Haramain posts FFO of SAR 12.3M, net profit of SAR 17.6M in 2024

27/03/2025 Argaam Exclusive

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Jadwa REIT Al Haramain Fund reported net earnings of SAR 17.6 million in 2024, leaping 28% compared with SAR 13.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Rental Income 28.88 40.79 41.2 %
Funds from Operations(FFO) 2.50 12.33 393.1 %
Net Income 13.76 17.56 27.6 %
No of shares 66.00 66.00 -
Earnings Per Share before unusual items (Riyals) 0.21 0.27 27.6 %
Operating EPS (Riyals) 0.04 0.19 393.1 %
EPS (Riyals) 0.21 0.27 27.6 %

Funds from operations (FFO) amounted to SAR 12.3 million in 2024, up from SAR 2.5 million in 2023.

 

The fund recorded a reversal of a special impairment loss on investment properties amounting to SAR 15.51 million, compared with SAR 5.34 million in the same period of the previous year.

 

Rental income from investment properties leapt 41% year-on-year (YoY) to SAR 40.8 million from SAR 28.9 million.

 

Financing revenue reached SAR 1.13 million in 2024.

 

Financing costs declined by 8% YoY to SAR 16.8 million, and general and administrative expenses dropped by 29% YoY.

 

Meanwhile, dividends fell 93% YoY.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 11.00 13.14 19.5 %
Funds from Operations(FFO) (3.26) 1.68 151.6 %
Net Income 16.27 7.47 (54.1 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) (0.05) 0.03 151.6 %
EPS (Riyals) 0.25 0.11 (54.1 %)

Net book value per unit reached SAR 7.58.

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 724.75 725.32 0.1 %
Total Debt 214.10 214.60 0.2 %
Net assets attributable to the Unitholders Item 504.51 500.29 (0.8 %)
Market value of net assets 504.51 500.29 (0.8 %)

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Share Price

Jadwa REIT Al Haramain Fund
6.23
0.04 0.65 %

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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Financial Ratios
Current
Number of Units (Million) 66.00
Net Income/Unit ( Riyal) 0.27
Funds from operations/Unit ( Riyal) 0.19
P/E (X) (TTM) 23.42
Current Price/FFO (X) 33.34
Par Value ( Riyal) 10.00
Price/book 0.82
Asset Growth (%) 0.1
Revenue Growth (%) 41.2
Net Income Growth (%) 27.6
Adjusted P/E (Last12) (X) 23.42
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