Alwaha REIT posts SAR 7M FFO, SAR 6.7M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Alwaha REIT Fund reported a net profit of SAR 6.7 million (SAR 0.44 per unit) for H1 2024, compared to SAR 7.6 million in H1 2023, Wasatah Capital, the fund manager, said in a statement to Tadawul.

Funds from operations (FFO) reached SAR 7 million during the same period, 12% down compared to SAR 8 million in prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	10.56	9.30	(12.0 %)
Funds from Operations(FFO)	7.97	7.01	(12.0 %)
Net Income	7.61	6.65	(12.6 %)
No of shares	15.00	15.00	-
Operating EPS (Riyals)	0.53	0.47	(12.0 %)
EPS (Riyals)	0.51	0.44	(12.6 %)

The profit decline was ascribed mainly to a fall in revenues from lease contracts to SAR 9.3 million, from SAR 10.6 million a year before.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	162.92	163.11	0.1 %
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	157.61	157.82	0.1 %
Market value of net assets	173.19	182.51	5.4 %

Net asset value (NAV) stood at SAR 157.81 million as of June 30, 2024, while net book value per unit reached SAR 10.52.

The market value of assets stood at SAR 182.51 million as of June 30, 2024, with a market value per unit at SAR 12.17.

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