Bonyan REIT posts SAR 117.2M FFO, SAR 88.4M net income in 2024

26/03/2025 Argaam Exclusive

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Bonyan REIT Fund’s funds from operations (FFO) declined 13% to SAR 117.2 million (SAR 0.72 per unit) in 2024 from SAR 134.2 million (SAR 0.82 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 269.18 248.49 (7.7 %)
Funds from Operations(FFO) 134.19 117.21 (12.7 %)
Net Income 110.90 88.44 (20.3 %)
No of shares 162.88 162.88 -
Earnings Per Share before unusual items (Riyals) 0.68 0.54 (20.3 %)
Operating EPS (Riyals) 0.82 0.72 (12.7 %)
EPS (Riyals) 0.68 0.54 (20.3 %)

The fund posted a net income drop of 20% to nearly SAR 88.4 million in the 12-month period (SAR 0.54 per unit) from SAR 110.9 million (SAR 0.68 per unit) in 2023.
 

The rental income rose by 8% year-on-year (YoY) to SAR 248.5 million in 2024 on a decline in the fund’s occupancy rates to 73.9% in Q4 2024 from 80.1% in Q4 2023. It hit its lowest level this year at 66.3% in Q3 2024 as the occupancy rates of Al-Rashid Mall dropped to 31% on the exit plan and of City Walk Dubai to 33%.

 

Financing costs increased by 47% YoY to SAR 33.8 million.

 

The fund recorded a decline in the reversal of impairment of property investments to SAR 4.7 million from SAR 12.6 million in Q4 2023. Moreover, PP&E depreciation costs increased by 57% YoY to SAR 7.5 million.

 

On the other hand, other income rose to SAR 9.3 million from SAR 585,000 in Q4 2023. 
 

Net asset value (NAV) stood at SAR 2.16 billion as of Dec. 31, 2024, with a market value per unit of SAR 13.28.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 134.10 117.20 (12.6 %)
Funds from Operations(FFO) 70.17 52.01 (25.9 %)
Net Income 67.31 31.36 (53.4 %)
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.43 0.32 (25.9 %)
EPS (Riyals) 0.41 0.19 (53.4 %)

The net book value per unit reached SAR 8.37, totaling SAR 1.36 billion in 2024.

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,745.36 2,142.96 22.8 %
Total Debt 240.44 638.32 165.5 %
Net assets attributable to the Unitholders Item 1,384.34 1,363.65 (1.5 %)
Market value of net assets 2,063.63 2,162.39 4.8 %

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Share Price

Bonyan REIT Fund
9.45
0.11 1.18 %

Bonyan REIT Fund (BONYAN REIT)

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Financial Ratios
Current
Number of Units (Million) 162.88
Net Income/Unit ( Riyal) 0.54
Funds from operations/Unit ( Riyal) 0.72
P/E (X) (TTM) 17.40
Current Price/FFO (X) 13.13
Par Value ( Riyal) 10.00
Price/book 1.13
Asset Growth (%) 22.8
Revenue Growth (%) (7.69 )
Net Income Growth (%) (20.26 )
Adjusted P/E (Last12) (X) 17.40
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