AlAhli REIT Fund 1 reported a net profit decline of 33% to 14.8 million (SAR 0.11 per unit) in H1 2024, compared to SAR 22.1 million (SAR 0.16 per unit) in H1 2023.
Funds from operations (FFO) stood at SAR 26.8 million in H1 2023, versus SAR 34 million in the year before.
Item | 6m 2023 | 6m 2024 | Change |
---|---|---|---|
Rental Income | 92.53 | 91.55 | (1.1 %) |
Funds from Operations(FFO) | 33.97 | 26.79 | (21.1 %) |
Net Income | 22.12 | 14.80 | (33.1 %) |
No of shares | 137.50 | 137.50 | - |
Operating EPS (Riyals) | 0.25 | 0.19 | (21.1 %) |
EPS (Riyals) | 0.16 | 0.11 | (33.1 %) |
Fund manager SNB Capital stated a decrease in rental income from investment properties as the reason for the profit decline. In addition, the fund witnessed an increase in impairment losses in operating lease receivables to SAR 6.5 million in H1 2024, compared to SAR 3 million a year earlier.
The fund also reported higher operating expenses and financing costs.
Meanwhile, hotel operations revenues edged higher.
Item | 6m 2023 | 6m 2024 | Change |
---|---|---|---|
Total Assets | 2,001.43 | 2,016.57 | 0.8 % |
Total Debt | 648.03 | 680.22 | 5.0 % |
Net assets attributable to the Unitholders Item | 1,253.81 | 1,218.30 | (2.8 %) |
Market value of net assets | 1,431.43 | 1,381.22 | (3.5 %) |
Net asset value (NAV) stood at SAR 1.21 billion as of June 30, 2024, while the NAV per unit reached SAR 8.86.
The market value of assets reached SAR 1.38 billion by the end of H1 2024, while the per unit fair value stood at SAR 10.05.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}