Announcement by Riyad Capital that Riyad REIT Fund ’s annual reports, including the annual audited financial statements, for the period ended on ( 2023-12-31 ) are available to the public
| Element List | Explanation |
|---|---|
| Introduction | Riyad Capital announces that Riyad REIT Fund's annual report, including the annual audited financial statements, for the period ended on (31/12/2023) are available to the public |
| Net Assets | 1,892,102,053 SAR |
| Total Expenses and Fees | 200,209,733 SAR |
| Net Profit/(Loss) | 21,653,191 SAR |
| Number of the Outstanding Units | 171,697,101 |
| Net Unit Value for Unit | 11.01 SAR |
| Revenue of the period % | 2.93 % |
| Fund’s Annual Report |  |
| Additional Information | - Gross revenue achieved for the year 2023 amounted to SAR 257,983,271, representing a growth of 23% Y-o-Y. This is mainly due to the increase in income from the hospitality portfolio, which achieved a net income of SAR 52,235,772, an increase of 147% over the previous year. The is mainly due to the significant increase witnessed in number of visitors to the kingdom that reflected positively in hotel occupancy levels.
- The decrease in net profits is mainly attributed to the significant increase in financing expenses due to the rise in interest rates globally, in addition to the decrease in distributions received from international real estate investments.
- The hospitality portfolio is poised to make a positive impact on the Fund's financial performance in the forthcoming period, led by the grand opening of the Al Fursan Hilton Hotel in Riyadh. This addition is anticipated to complement the notable outperformance of the existing hotels.
- Furthermore, the Fund Manager's initiatives, through improving the operational efficiency of current assets and reducing the profit margin on financing, are expected to contribute to cost reduction during the upcoming period. |
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