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

27/03/2025 Argaam Exclusive

Content Summary:

Loading data...

Comments Analysis:

Positive: 0%
Neutral: 0%
Negative: 0%
Comments Summary:Loading data...
Please note that this news summary has been generated using artificial intelligence. It is recommended to review the original sources for complete details and to verify the accuracy of the information.
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 %

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.

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 %

View More Financial Results

 

View other reports

Share Price

AL Maather REIT Fund
9.50
0.05 0.53 %

AL Maather REIT Fund (AL MAATHER REIT)

More


Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.67
Funds from operations/Unit ( Riyal) 0.72
P/E (X) (TTM) 14.17
Current Price/FFO (X) 13.28
Par Value ( Riyal) 10.00
Price/book 1.13
Asset Growth (%) (1.44 )
Revenue Growth (%) 2.5
Net Income Growth (%) (7.60 )
Adjusted P/E (Last12) (X) 14.17
more

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request