Jadwa REIT Saudi logs 75% higher FFO at SAR 48.6M in H1 2024; net profit dips to SAR 11.5M

11/08/2024 Argaam Exclusive

Jadwa REIT Saudi Fund reported a net profit of SAR 11.5 million (SAR 0.06 per unit) for H1 2024, a decline of 72% from SAR 41.5 million.

 

Funds from operations (FFO) reached nearly SAR 48.6 million in H1 2024, a rise of about 75% from SAR 27.8 million in the same period a year ago.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 67.71 86.17 27.3 %
Funds from Operations(FFO) 27.81 48.59 74.7 %
Net Income 41.48 11.50 (72.3 %)
No of shares 186.51 186.51 -
Operating EPS (Riyals) 0.15 0.26 74.7 %
EPS (Riyals) 0.22 0.06 (72.3 %)

The profit decline was attributed to a 91% fall in dividend distributions to SAR 3.8 million, coupled with a rise in impairment losses for investment properties and a rise in net loss from financial assets at fair value.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 2,215.60 2,338.24 5.5 %
Total Debt 452.85 542.50 19.8 %
Net assets attributable to the Unitholders Item 1,746.37 1,767.46 1.2 %
Market value of net assets 1,999.83 2,203.93 10.2 %

Net asset value (NAV) stood at SAR 1.76 billion as of June 30, 2024, while the net book value per unit reached SAR 9.48.

 

The market value of assets stood at SAR 2.2 billion by the end of H1 2023, with a market value per unit of SAR 11.82.

 

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Share Price

Jadwa REIT Saudi Fund
11.34
0.10 0.89 %

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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Financial Ratios
Current
Number of Units (Million) 186.51
Net Income/Unit ( Riyal) 0.91
Funds from operations/Unit ( Riyal) 0.56
P/E (X) (TTM) 12.42
Current Price/FFO (X) 20.40
Par Value ( Riyal) 10.00
Price/book 1.20
Asset Growth (%) 5.5
Revenue Growth (%) 11.0
Net Income Growth (%) 250.2
Adjusted P/E (Last12) (X) 13.74
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