Musharaka REIT reports FFO at SAR 11.7M, loss at SAR 22.3M in 2024

23/03/2025 Argaam Exclusive

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Musharaka REIT Fund reported funds from operations (FFO) of SAR 11.7 million (SAR 0.13 per unit) in 2024, compared to SAR 5.4 million (SAR 0.06 per unit) in 2023.

Financials (M)

Item	2023	2024	Change‬
Rental Income	106.68	106.10	(0.5 %)
Funds from Operations(FFO)	5.37	11.68	117.5 %
Net Income	(8.35)	(22.29)	(167.0 %)
No of shares	88.00	88.00	-
Earnings Per Share before unusual items (Riyals)	(0.09)	(0.25)	(167.0 %)
Operating EPS (Riyals)	0.06	0.13	117.5 %
EPS (Riyals)	(0.09)	(0.25)	(167.0 %)

Net loss reached SAR 22.3 million (SAR -0.25 per unit) last year, compared to SAR 8.3 million (SAR -0.09 per unit) in 2023.

The fund attributed the higher loss to a slight decline in rental revenue due to lower occupancy rates for six properties.

Interim Comparasion (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Rental Income	54.52	51.71	(5.2 %)
Funds from Operations(FFO)	5.25	6.42	22.2 %
Net Income	(8.98)	(7.73)	13.9 %
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.06	0.07	22.2 %
EPS (Riyals)	(0.10)	(0.09)	13.9 %

Item	H1 2024	H2 2024	Change‬
Rental Income	54.40	51.71	(4.9 %)
Funds from Operations(FFO)	5.25	6.42	22.2 %
Net Income	(14.56)	(7.73)	46.9 %
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.06	0.07	22.2 %
EPS (Riyals)	(0.17)	(0.09)	46.9 %

Balance Sheet (Million)

Item	2023	2024	Change‬
Total Assets	1,633.95	1,587.78	(2.8 %)
Total Debt	794.31	789.99	(0.5 %)
Net assets attributable to the Unitholders Item	784.76	744.87	(5.1 %)
Market value of net assets	833.82	890.49	6.8 %

Additionally, an impairment loss of SAR 5.9 million was recorded on investment properties, compared to a reversal of a SAR 15 million provision.

Net asset value (NAV) stood at SAR 744.87 million by the end of 2024, while the net book value per unit reached SAR 8.46.

The market value of assets amounted to SAR 890.49 million by the end of 2024, with a market value per unit of SAR 10.12.

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