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.
| 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.
| 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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