Al Maather REIT logs SAR 22.1M FFO, SAR 22.5M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Al Maather REIT Fund posted a net profit drop of 13% to SAR 22.5 million (SAR 0.37 per unit) in H1 2024, from SAR 25.9 million in the corresponding period of 2023.

Funds from operations (FFO) grew 10% to nearly SAR 22.1 million in the six-month period, from SAR 20.2 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	29.31	31.43	7.3 %
Funds from Operations(FFO)	20.16	22.09	9.6 %
Net Income	25.94	22.49	(13.3 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.33	0.36	9.6 %
EPS (Riyals)	0.42	0.37	(13.3 %)

The decline in H1 2024 net profit was ascribed to lower profit from investment properties and other revenues.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	749.96	741.61	(1.1 %)
Total Debt	200.44	199.77	(0.3 %)
Net assets attributable to the Unitholders Item	514.12	515.93	0.4 %
Market value of net assets	630.22	658.73	4.5 %

Net asset value (NAV) in H1 2024 stood at SAR 515.93 million, while net book value per unit reached SAR 8.41.

The market value of assets stood at SAR 658.72 million, with market value per unit at SAR 10.73.

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