Jadwa REIT Al Haramain makes SAR 2.5M FFO, SAR 13.8M net profit in 2023

31/03/2024 Argaam Exclusive

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Jadwa REIT Al Haramain Fund reported a net profit of SAR 13.8 million (SAR 0.21 per unit) for 2023, against a net loss of SAR 48.5 million in 2022.

Funds from operations (FFO) grew 86% to nearly SAR 2.5 million in 2023, compared to SAR 1.4 million a year ago.

Financials (M)

Item	2022	2023	Change‬
Rental Income	19.34	28.88	49.3 %
Funds from Operations(FFO)	1.35	2.50	85.7 %
Net Income	(48.51)	13.76	128.4 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.02	0.04	85.7 %
EPS (Riyals)	(0.73)	0.21	128.4 %

The fund reported higher rental income from investment properties and financial assets in 2023. It also recorded an increase in dividends and a reversal of impairment in investment properties at SAR 5.3 million during the same year, compared to posting a provision of SAR 39.9 million in 2022.

On the other hand, finance income soared in 2023. Jadwa REIT Al Haramain also reported management fees of SAR 1.2 million for the same year.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	18.43	11.00	(40.3 %)
Funds from Operations(FFO)	5.84	(3.26)	(155.8 %)
Net Income	4.86	16.27	235.1 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.09	(0.05)	(155.8 %)
EPS (Riyals)	0.07	0.25	235.1 %

Item	H1 2023	H2 2023	Change‬
Rental Income	17.89	11.00	(38.5 %)
Funds from Operations(FFO)	5.76	(3.26)	(156.6 %)
Net Income	(2.52)	16.27	746.3 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.09	(0.05)	(156.6 %)
EPS (Riyals)	(0.04)	0.25	746.3 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	751.78	724.75	(3.6 %)
Total Debt	250.62	214.10	(14.6 %)
Net assets attributable to the Unitholders Item	490.75	504.51	2.8 %
Market value of net assets	497.96	504.51	1.3 %

Net asset value (NAV) stood at SAR 504.50 million as of Dec. 31, 2023, while the net book value per unit reached SAR 7.64.

The market value of assets stood at SAR 504.50 million by the end of 2023, with a market value per unit of SAR 7.64.

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