March 29, 2025 - Riyad Capital announces the release of Riyad REIT's annual report, including the audited financial statements for the year ended December 31, 2024, now accessible to the public.
Gross revenue for 2024 reached SAR 264,471,881, reflecting a 2.5% year-on-year growth. This increase was primarily driven by the hospitality portfolio, which saw a 14% rise in revenue compared to the previous year, supported by improved hotel occupancy rates across the Kingdom.
Future growth is anticipated as the hospitality portfolio expands, particularly with the grand opening of DoubleTree by Hilton Riyadh Olaya North in 2025. Additionally, ongoing enhancements in rental asset yields are expected to further boost the fund’s revenue.
The fund reported a net loss of SAR (187,275,085) for the year, primarily due to non-cash losses, with the most significant factor being unrealized losses on investments valued at Fair Value Through Profit or Loss (investments in equity instruments outside Saudi Arabia). Furthermore, a decline in dividends from international investments contributed to the loss.