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  3. •

    Real estate investment trusts
AlAhli REIT Fund 1

AlAhli REIT Fund 1

TTADAWUL:4338
6.03
SAR
-0.07
(-1.15%)
866.25MMarket Cap
Apr 01Next Earn
AlAhli REIT Fund 1
TADAWUL:4338
(Saudi Exchange)

Recent

price

6.03

P/E

ratio

- -

div

yld

- -

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
SAR
1.08
1.1
1.03
1.33
1.35
1.33
1.36
1.43
- -
Revenue per Share
0.48
0.44
0.11
0.55
0.48
0.29
0.19
0.13
- -
Basic EPS, GAAP
-2.33
-1.27
0.51
0.83
0.99
0.84
0.73
0.82
- -
Free Cash Flow per Basic Share
0.33
0.65
0.45
0.68
0.7
0.55
0.5
0.45
- -
Dividend per Share
10.16
9.95
9.6
9.48
9.26
9
8.7
8.38
8.38
Book Value per Share
10.16
9.95
9.6
9.48
9.26
9
8.7
8.38
8.38
Tangible Book Value per Share
138
138
138
138
138
138
138
138
138
Basic Weighted Avg Shares
148
152
141
183
185
183
188
197
- -
Sales/Revenue/Turnover
44.41
46.62
38.48
52.78
50.16
46.92
42.38
36.1
- -
Operating Margin (%)
21
18
23
25
24
24
26
28
- -
Depreciation Expense
67
60
15
75
66
41
27
18
- -
Net Income, GAAP
- -
2.44
8.33
1.95
2.94
- -
- -
- -
- -
Effective Tax Rate (%)
44.94
39.57
10.42
41.12
35.72
22.15
14.22
9.35
- -
Profit Margin (%)
51
31
-9
36
11
-5
-7
-31
-31
Working Capital
- -
253
515
559
589
660
714
743
743
LT Debt
1,397
1,368
1,320
1,303
1,273
1,238
1,196
1,152
1,152
Total Equity
- -
4.22
1.53
4.85
4.68
4.18
3.81
3.62
- -
Return on Invested Capital (%)
- -
4.27
1.52
4.83
4.64
4.14
3.77
3.58
- -
Return on Capital (%)
- -
4.34
1.1
5.75
5.13
3.23
2.19
1.57
- -
Return on Common Equity (%)

Capital Structure

SAR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
- -
- -
- -
LT Borrowings
714
735
743
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
138
138
138
Market Capitalization
974
950
866

Working Capital

SAR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
76
93
62
Cash, Cash Equivalents & STI
11
14
20
Accounts Receivable, Net
56
74
33
Inventories
- -
- -
- -
Total Current Liabilities
83
102
93
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

SAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
-2.68%
-3.64%
Free Cash Flow
- -
12.98%
11.67%
Net Income, GAAP
- -
59.19%
-31.08%
Sales/Revenue/Turnover
- -
7.39%
4.83%
Total Cash Common Dividend
- -
2.64%
-10%

Semi-annual Revenue

SAR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
183
2024
- -
- -
188
2025
- -
- -
197

Semi-annual Earnings Per Share

SAR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.29
2024
- -
- -
0.19
2025
- -
- -
0.13

Semi-annual Dividends Per Share

SAR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.55
2024
- -
- -
0.5
2025
- -
- -
0.45
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Business
Alahli Capital - Al-Ahli REIT Fund (4338.SR) operates as a Shariah-compliant, close-ended real estate investment traded fund (REIT) managed by SNB Capital, focusing on income-generating properties in Saudi Arabia to deliver periodic rental income and asset value growth to unitholders through semi-annual distributions of at least 90% of net profits. Established in December 2017 and listed on the Saudi Exchange (Tadawul), the fund, headquartered in Riyadh, maintains a portfolio of four key assets primarily in Jeddah and Riyadh: AlAndalus Mall, a 105,000 square meter retail complex with over 350 shops offering fashion, dining, entertainment, and sports facilities operated by AlAndalus Real Estate Company; Salama Tower, a 13-floor office building with 109 offices, eight showrooms, and two warehouses in Jeddah fully leased under a triple net lease; QBIC Plaza, a three-floor office complex in Riyadh fully leased to the Ministry of Municipal and Rural Affairs and Housing; and AlAndalus Mall Hotel, a 164-room upscale property connected to AlAndalus Mall, operated under a management contract with Hilton International as DoubleTree by Hilton. The fund targets retail, office, and hospitality sectors, serving diverse tenants including government entities, international brands, and local retailers across approximately 156,000 square meters of leasable space with a 93% occupancy rate, while investing surplus cash in Shariah-compliant money market funds like AlAhli Saudi Riyal Trading Fund. Recent developments include the completion of the AlAndalus Mall expansion project, AlAndalus Avenue, adding 15,000 square meters of rental space with tenants commencing operations; renewal of the QBIC Plaza lease with the Ministry of Municipal and Rural Affairs and Housing for three additional years starting February 2023; and signing of a management agreement with Hilton for AlAndalus Mall Hotel, with improvements underway for rebranding in 2024.