Jadwa REIT Al Haramain posts SAR 10.7M FFO, SAR 10.1M net profit in H1 2024

Jadwa REIT Al Haramain Fund reported a net profit of SAR 10.1 million (SAR 0.15 per unit) for H1 2024, against a net loss of SAR 2.5 million (SAR 0.04 per unit) a year earlier.

Funds from operations (FFO) leapt 85% to nearly SAR 10.7 million in H1 2024, compared to SAR 5.8 million a year ago.

The fund reported higher rental income from investment properties and a reversal of a provision for impairment of investment properties worth SAR 5.1 million in H1 2024, compared to allocating a provision of SAR 7.5 million a year earlier. In addition, the fund realized financing revenues in the first half of this year, compared to none for the same period of 2023.

However, this was offset by recording management fees of SAR 1.9 million compared with H1 2023, in addition to a decrease in dividends to SAR 424,000 compared to SAR 4.5 million a year before.

The fund also recorded a provision for expected credit losses at SAR 4 million in the six-month period, besides realizing losses from financial assets at fair value through profit and loss at SAR 1.5 million, against profits of SAR 500,000 in H1 2023.

Net asset value (NAV) stood at SAR 506.02 million as of June 30, 2024, while the net book value (NBV) per unit reached SAR 7.67.

The market value of assets stood at SAR 506.02 million by the end of H1 2024, with a market value per unit of SAR 7.67.

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