Financial Results : AlJazira REIT’s H1 2024 FFO grows 5% to SAR 2.3M; net profit up 69% to SAR 5.2M

AlJazira REIT’s H1 2024 FFO grows 5% to SAR 2.3M; net profit up 69% to SAR 5.2M

11/08/2024 Argaam Exclusive

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AlJazira REIT Fund reported a net profit of SAR 5.2 million (SAR 0.44 per unit) for H1 2024, leaping by 69% from SAR 3.1 million in H1 2023.

 

Funds from operations (FFO) increased 5% to SAR 2.3 million in H1 2024, from SAR 2.2 million in the same period a year ago.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 2.99 3.08 3.1 %
Funds from Operations(FFO) 2.22 2.33 4.7 %
Net Income 3.06 5.17 69.0 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.19 0.20 4.7 %
EPS (Riyals) 0.26 0.44 69.0 %

The annual profit rise was driven by a 3% year-on-year (YoY) hike in the first-half lease revenues to SAR 3.1 million, coupled with the reversal of an impairment provision worth SAR 3.1 million, lower other expenses and generating unrealized gains from investments listed at fair value during the six-month period.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 89.26 94.77 6.2 %
Total Debt - - -
Net assets attributable to the Unitholders Item 87.84 93.18 6.1 %
Market value of net assets 87.84 93.78 6.8 %

Net asset value (NAV) stood at SAR 93.2 million as of June 30, 2024, while the net book value per unit reached SAR 7.9.

 

The market value of assets stood at SAR 93.8 million by the end of H1 2024, with a market value per unit of SAR 7.95.

 

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