Financial Results : Al Rajhi REIT’s FFO up 35% to SAR 147.7M in 2024, profits at SAR 187.2M

Al Rajhi REIT’s FFO up 35% to SAR 147.7M in 2024, profits at SAR 187.2M

25/03/2025 Argaam Exclusive

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Al Rajhi REIT Fund reported funds from operations (FFO) of SAR 147.7 million (SAR 0.54 per unit) for 2024, up 35% from SAR 109.6 million (SAR 0. 4 per unit) a year earlier.



Financials (M)

Item 2023 2024 Change‬
Rental Income 192.07 237.70 23.8 %
Funds from Operations(FFO) 109.64 147.66 34.7 %
Net Income 75.55 187.25 147.9 %
No of shares 275.61 275.61 -
Earnings Per Share before unusual items (Riyals) 0.27 0.62 124.5 %
Operating EPS (Riyals) 0.40 0.54 34.7 %
EPS (Riyals) 0.27 0.68 147.9 %

Net profits jumped to SAR 187.2 million (SAR 0.68 per unit) for the same year, from SAR 75.5 million (SAR 0.27 per unit) in 2023.

 

The annual profit increase was primarily driven by higher rental income from real estate investments, which rose to SAR 237.7 million in 2024 from SAR 192.1 million in 2023. This was supported by a stable 100% occupancy rate across 17 of the fund’s properties during the year.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 112.96 120.86 7.0 %
Funds from Operations(FFO) 77.04 74.05 (3.9 %)
Net Income 71.54 115.67 61.7 %
No of shares 275.61 275.61 -
Operating EPS (Riyals) 0.28 0.27 (3.9 %)
EPS (Riyals) 0.26 0.42 61.7 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 3,136.06 3,186.37 1.6 %
Total Debt 896.40 896.40 -
Net assets attributable to the Unitholders Item 2,213.74 2,250.78 1.7 %
Market value of net assets 2,320.83 2,405.87 3.7 %

In Q4 2024, the fund sold one real estate asset, Al Anwar Plaza, at an average market price of nearly SAR 45.1 million, based on the latest valuation for H1 2024.

 

Net asset value (NAV) stood at SAR 2.25 billion by the end of 2024, while the net book value per unit reached SAR 8.17.

 

The market value of assets stood at SAR 2.4 billion by the end of 2024, with a market value per unit at SAR 8.73.

 

The average market value of the fund’s real estate assets amounted to SAR 3.14 billion in 2024.

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