Aljazira Mawten REIT Fund delivered a solid operating performance in QQ4 2024 with revenue of SAR 3,332,687 and robust margins (gross margin 68.66%, operating margin 62.69%), highlighting the strength of its real estate and property management activities. EBITDA reached SAR 2,556,212 and the EBITDARatio stood at 0.767, underscoring healthy core profitability on a quarterly basis. A material drag on net income came from a large negative other income item (totalOtherIncomeExpensesNet negative SAR 4,231,003), resulting in a net loss of SAR -2,141,773 for the quarter despite strong operating results. On the positive side, cash flow from operations was SAR 4,257,232 and free cash flow was effectively SAR 4,257,230 given minimal capex and ongoing cash generation. The balance sheet remains highly conservative with no long-term debt, cash and equivalents of SAR 1,755,035, total assets of SAR 89,011,509, and total equity of SAR 86,313,790, indicating ample liquidity to support distributions and future growth. The company also paid SAR 4,720,000 in dividends during the period, contributing to an overall cash outflow from financing activities. While the earnings quality is challenged by non-operating items, the underlying operating discipline and asset base position the REIT well for potential upside if non-operating headwinds normalize.