Derayah REIT logs SAR 29M FFO, SAR 14.8M net profit in 2024

25/03/2025 Argaam Exclusive
 Derayah REIT Fund posted a net profit of SAR 14.8 million (SAR 0.14 per unit) for 2024, down 63% from SAR 40.3 million (SAR 0.37 per unit) in 2023.
Funds from operations (FFO) jumped 42% to SAR 29 million (SAR 0.27 per unit) in 2024, from SAR 20.4 million (SAR 0.19 per unit) in 2023.


Financials (M)

Item 2023 2024 Change‬
Rental Income 103.49 97.30 (6.0 %)
Funds from Operations(FFO) 20.39 28.97 42.1 %
Net Income 40.27 14.84 (63.2 %)
No of shares 107.51 107.51 -
Earnings Per Share before unusual items 0.37 0.14 (63.2 %)
Operating EPS (Riyals) 0.19 0.27 42.1 %
EPS (Riyals) 0.37 0.14 (63.2 %)

Rental revenue declined 6% year-on-year (YoY) to SAR 97.3 million due to lower occupancy rates in six properties. Jubail Employees Residential Buildings led the decline, with occupancy dropping 56% to 44%.

 

Offsetting this, Al-Sitteen Commercial Center saw a 9% increase YoY in occupancy to 100%, while 13 properties maintained full occupancy.

 

The fund also recorded a decline in the reversal of impairment provisions on real estate investments to SAR 7.6 million, compared to SAR 15.7 million in the same period last year.

 

Further, the fund incurred a capital loss of SAR 129,000 from the sale of real estate investments, compared to SAR 21.8 million in capital gains in the previous year.

 

Property management expenses increased to SAR 4.4 million, from SAR 1.9 million in the same period last year.

 

Other income fell to SAR 11,000 from SAR 6.2 million a year earlier.

 

However, the fund posted a decline in transaction fees to SAR 51,000, as well as lower credit loss expenses. This was in addition to a reduction in financing expenses and other expenses.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 54.22 47.76 (11.9 %)
Funds from Operations(FFO) 8.73 13.96 60.0 %
Net Income 42.54 2.82 (93.4 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.08 0.13 60.0 %
EPS (Riyals) 0.40 0.03 (93.4 %)

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,513.47 1,526.65 0.9 %
Total Debt 607.98 602.88 (0.8 %)
Net assets attributable to the Unitholders Item 884.48 869.57 (1.7 %)
Market value of net assets 946.74 1,017.96 7.5 %

Net asset value (NAV) stood at SAR 869.56 million in 2024, while net book value per unit reached SAR 8.09.

 

The market value of assets stood at SAR 1.01 billion in 2024, with a market value per unit of SAR 9.47.

View other reports

Share Price

Derayah REIT Fund
5.42
(0.01) (0.18 %)

Derayah REIT Fund (DERAYAH REIT)

More


Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.14
Funds from operations/Unit ( Riyal) 0.27
P/E (X) (TTM) 39.28
Current Price/FFO (X) 20.11
Par Value ( Riyal) 10.00
Price/book 0.67
Asset Growth (%) 0.9
Revenue Growth (%) (5.98 )
Net Income Growth (%) (63.16 )
Adjusted P/E (Last12) (X) 39.28
more


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 36.95 - 27.56 - 21.56 -
H2 2018 46.98 - 28.59 - 14.91 -
H1 2019 59.36 60.7 % 37.23 35.1 % 25.35 17.6 %
H2 2019 61.83 31.6 % 43.69 52.8 % (5.13) (134.4 %)
H1 2020 56.55 (4.7 %) 37.40 0.5 % 7.55 (70.2 %)
H2 2020 64.84 4.9 % 39.71 (9.1 %) 7.37 243.6 %
H1 2021 65.13 15.2 % 45.99 23.0 % 27.29 261.4 %
H2 2021 65.08 0.4 % 23.14 (41.7 %) 18.27 147.8 %
H1 2022 62.29 (4.4 %) 37.76 (17.9 %) 27.31 0.0 %
H2 2022 60.84 (6.5 %) 29.60 27.9 % 19.88 8.8 %
H1 2023 49.27 (20.9 %) 11.66 (69.1 %) (2.26) (108.3 %)
H2 2023 54.22 (10.9 %) 8.73 (70.5 %) 42.54 114.0 %
H1 2024 49.54 0.6 % 15.01 28.7 % 12.02 630.6 %
H2 2024 47.76 (11.9 %) 13.96 60.0 % 2.82 (93.4 %)
2024 97.30 (6.0 %) 28.97 42.1 % 14.84 (63.2 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 1,206.20 - 96.94 - 1,085.63 - 1,112.55 -
H2 2018 1,571.75 - 470.13 - 1,061.62 - 1,070.60 -
H1 2019 1,554.56 28.9 % 474.41 389.4 % 1,046.76 (3.6 %) 1,041.87 (6.4 %)
H2 2019 1,609.36 2.4 % 579.98 23.4 % 1,001.42 (5.7 %) 1,003.34 (6.3 %)
H1 2020 1,573.84 1.2 % 589.40 24.2 % 968.76 (7.5 %) 990.80 (4.9 %)
H2 2020 1,725.48 7.2 % 747.98 29.0 % 944.53 (5.7 %) 961.54 (4.2 %)
H1 2021 1,711.90 8.8 % 747.98 26.9 % 930.54 (3.9 %) 932.87 (5.8 %)
H2 2021 1,694.72 (1.8 %) 747.98 0.0 % 910.11 (3.6 %) 910.75 (5.3 %)
H1 2022 1,688.66 (1.4 %) 747.98 0.0 % 898.71 (3.4 %) 898.91 (3.6 %)
H2 2022 1,658.43 (2.1 %) 747.98 0.0 % 882.04 (3.1 %) 900.50 (1.1 %)
H1 2023 1,637.41 (3.0 %) 747.98 0.0 % 852.68 (5.1 %) 905.35 0.7 %
H2 2023 1,513.47 (8.7 %) 607.98 (18.7 %) 884.48 0.3 % 946.74 5.1 %
H1 2024 1,527.32 (6.7 %) 607.98 (18.7 %) 887.30 4.1 % 984.98 8.8 %
H2 2024 1,526.65 0.9 % 602.88 (0.8 %) 869.57 (1.7 %) 1,017.96 7.5 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93
Q4 2020 More than 100 15.61
Q2 2021 41.06 16.61
Q4 2021 29.97 19.75
Q2 2022 25.81 19.31
Q4 2022 23.06 16.15
Q2 2023 More than 100 25.09
Q4 2023 22.02 43.50
Q2 2024 12.36 28.39
Q4 2024 42.83 21.93

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.26 0.20 10.10 10.35
H2 2018 0.27 0.14 9.87 9.96
H1 2019 0.35 0.24 9.74 9.69
H2 2019 0.41 (0.05) 9.31 9.33
H1 2020 0.35 0.07 9.01 9.22
H2 2020 0.37 0.07 8.79 8.94
H1 2021 0.43 0.25 8.66 8.68
H2 2021 0.22 0.17 8.47 8.47
H1 2022 0.35 0.25 8.36 8.36
H2 2022 0.28 0.18 8.20 8.38
H1 2023 0.11 (0.02) 7.93 8.42
H2 2023 0.08 0.40 8.23 8.81
H1 2024 0.14 0.11 8.25 9.16
H2 2024 0.13 0.03 8.09 9.47

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request