Financial Results : Al Maather REIT generates SAR 43.9M FFO, SAR 41.1M net income in 2024

Al Maather REIT generates SAR 43.9M FFO, SAR 41.1M net income in 2024

27/03/2025 Argaam Exclusive

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Al Maather REIT Fund reported a 6% rise in funds from operations (FFO) to nearly SAR 43.9 million (SAR 0.72 per unit) in 2024, from SAR 41.3 million (SAR 0.67 per unit) in 2023.
The fund posted an annual net income of SAR 41.1 million (SAR 0.67 per unit), marking an 8% decline from SAR 44.5 million (SAR 0.73 per unit) in 2023.


Financials (M)

Item 2023 2024 Change‬
Rental Income 61.28 62.82 2.5 %
Funds from Operations(FFO) 41.25 43.91 6.5 %
Net Income 44.52 41.14 (7.6 %)
No of shares 61.37 61.37 -
Earnings Per Share before unusual items (Riyals) 0.73 0.67 (7.6 %)
Operating EPS (Riyals) 0.67 0.72 6.5 %
EPS (Riyals) 0.73 0.67 (7.6 %)

The profit decline was mainly due to a SAR 14.5 million reversal of impairment provisions on investment properties, down 32% from SAR 21.2 million a year earlier, and a SAR 26,000 reversal of impairment losses on usufruct contracts, compared to SAR 549,000 in the prior year. Additionally, financing costs rose by 2%.

 

Offsetting these factors, revenue grew 3% to SAR 62.8 million, supported by higher occupancy at "Genx Al Maather " and " Dabbab leasehold."

 

Commission income from term deposits and other revenues also increased. Meanwhile, expected credit losses stood at SAR 1.2 million, versus none in the current period, while a SAR 409,000 reversal of expected credit losses was recorded, compared to none a year earlier.

 

Depreciation on investment properties declined to SAR 16.8 million from SAR 17.5 million.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 31.97 31.38 (1.8 %)
Funds from Operations(FFO) 21.09 21.82 3.5 %
Net Income 18.58 18.64 0.4 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.34 0.36 3.5 %
EPS (Riyals) 0.30 0.30 0.4 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 748.93 738.11 (1.4 %)
Total Debt 200.04 199.34 (0.3 %)
Net assets attributable to the Unitholders Item 513.66 514.29 0.1 %
Market value of net assets 643.19 674.73 4.9 %

The H2 2024 net profit rose 0.4% to SAR 18.64 million, from SAR 18.58 million in H2 2023.

 

On a biannual basis, the six-month bottom line fell from SAR 22.49 million in H1 2024.

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