Jadwa REIT Saudi logs 75% higher FFO at SAR 48.6M in H1 2024; net profit dips to SAR 11.5M

11/08/2024 Argaam Exclusive

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Jadwa REIT Saudi Fund reported a net profit of SAR 11.5 million (SAR 0.06 per unit) for H1 2024, a decline of 72% from SAR 41.5 million.

Funds from operations (FFO) reached nearly SAR 48.6 million in H1 2024, a rise of about 75% from SAR 27.8 million in the same period a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	67.71	86.17	27.3 %
Funds from Operations(FFO)	27.81	48.59	74.7 %
Net Income	41.48	11.50	(72.3 %)
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.15	0.26	74.7 %
EPS (Riyals)	0.22	0.06	(72.3 %)

The profit decline was attributed to a 91% fall in dividend distributions to SAR 3.8 million, coupled with a rise in impairment losses for investment properties and a rise in net loss from financial assets at fair value.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	2,215.60	2,338.24	5.5 %
Total Debt	452.85	542.50	19.8 %
Net assets attributable to the Unitholders Item	1,746.37	1,767.46	1.2 %
Market value of net assets	1,999.83	2,203.93	10.2 %

Net asset value (NAV) stood at SAR 1.76 billion as of June 30, 2024, while the net book value per unit reached SAR 9.48.

The market value of assets stood at SAR 2.2 billion by the end of H1 2023, with a market value per unit of SAR 11.82.

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