Jadwa REIT Saudi earns SAR 82.9M FFO in 2023; net profit at SAR 200.3M

31/03/2024 Argaam Exclusive

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Jadwa REIT Saudi Fund reported a net profit of SAR 200.3 million (SAR 1.07 per unit) for 2023, compared to a net profit of SAR 77.6 million in 2022.

Funds from operations (FFO) declined to nearly SAR 82.9 million in 2023, compared to SAR 99.7 million in the same period a year ago.

Financials (M)

Item	2022	2023	Change‬
Rental Income	158.45	141.25	(10.9 %)
Funds from Operations(FFO)	74.84	82.89	10.8 %
Net Income	52.77	200.27	279.5 %
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.40	0.44	10.8 %
EPS (Riyals)	0.28	1.07	279.5 %

This was spurred by higher gains from investments in associates to SAR 54 million and increased realized gains from fair value assets, in addition to firmer revenue from financing.

This was despite recording lower revenues of SAR 141.25 million for 2023 versus SAR 158.4 million in 2022, along with soaring financing costs for the year.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	76.24	73.55	(3.5 %)
Funds from Operations(FFO)	14.46	55.08	280.9 %
Net Income	7.14	158.79	2123.6 %
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.08	0.30	280.9 %
EPS (Riyals)	0.04	0.85	2123.6 %

Item	H1 2023	H2 2023	Change‬
Rental Income	67.71	73.55	8.6 %
Funds from Operations(FFO)	27.81	55.08	98.0 %
Net Income	41.48	158.79	282.8 %
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.15	0.30	98.0 %
EPS (Riyals)	0.22	0.85	282.8 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	2,293.69	2,070.24	(9.7 %)
Total Debt	451.24	202.12	(55.2 %)
Net assets attributable to the Unitholders Item	1,779.49	1,830.56	2.9 %
Market value of net assets	2,018.54	2,118.98	5.0 %

Net asset value (NAV) stood at SAR 1.83 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 9.81.

The market value of assets stood at SAR 2.11 billion by the end of 2023, with a market value per unit of SAR 11.36.

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