Aljazira Mawten REIT Fund (4331.SR) Q1 2025 Earnings Report

- QQ1 2025 revenue stood at SAR 1,704,344, up 5.04% year-over-year but down 48.86% quarter-over-quarter, reflecting seasonality and episodic revenue timing in the REIT portfolio. Gross profit reached SAR 1,459,935 with a robust gross margin of 85.66%, underscoring the quality of the underlying warehouse assets and stable NOI generation.
- EBITDA was SAR 1,351,373, yielding an EBITDA margin of 79.29%. Operating income mirrored gross profitability at SAR 1,459,935 and a matching margin of 85.66%, signaling strong asset-level earnings power from the AlKhumra warehouses in Jeddah.
- Net income reported SAR 2,484,235 for QQ1 2025, with an implied net income margin of 145.76% and earnings per share of SAR 0.21. The outsized net income versus revenue is driven by total other income of SAR 1,024,300 and a pre-tax income of SAR 2,484,235, with no income tax expense recorded. This indicates one-off or non-operating income contributing meaningfully to quarterly performance, which warrants closer scrutiny in subsequent quarters.
- Looking ahead, the business shows resilience in profits despite revenue volatility. The portfolio’s warehouse focus provides defensible cash flows, but the absence of explicit forward guidance and reliance on other income items imply earnings quality should be monitored. Management commentary (where available) and any asset-accretion plans will be key drivers of the next chapters for 2025.