Al Rajhi REIT logs SAR 73.6M FFO, SAR 71.6M profit in H1 2024

Al Rajhi REIT Fund reported a net profit of SAR 71.6 million (SAR 0.26 per unit) for H1 2024, compared to SAR 4 million (SAR 0.02 per unit) a year earlier.

Funds from operations (FFO) jumped to SAR 73.6 million in the six-month period from SAR 32.6 million in H1 2023.

Real estate investment rental revenues improved to SAR 116.8 million in H1 2024 from SAR 79.1 million for the same period of the previous year.

The fund registered a reversal of the provision for impairment losses of SAR 19.7 million, compared to a provision of SAR 19.1 million a year ago.

This came despite achieving Murabaha revenues of SAR 3.9 million for the previous period, compared to none for the current period.

Al Rajhi REIT’s expenses increased to SAR 68.7 million for the current period, compared to SAR 52.2 million in H1 2023.

Net asset value (NAV) stood at SAR 2.20 billion as of June 30, 2024, while net book value per unit reached SAR 8.02.

The market value of assets stood at SAR 2.33 billion by the end of the six-month period, with a market value per unit at SAR 8.46.

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