Alwaha REIT posts SAR 7M FFO, SAR 6.7M net profit in H1 2024

11/08/2024 Argaam Exclusive

Alwaha REIT Fund reported a net profit of SAR 6.7 million (SAR 0.44 per unit) for H1 2024, compared to SAR 7.6 million in H1 2023, Wasatah Capital, the fund manager, said in a statement to Tadawul.

 

Funds from operations (FFO) reached SAR 7 million during the same period, 12% down compared to SAR 8 million in prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 10.56 9.30 (12.0 %)
Funds from Operations(FFO) 7.97 7.01 (12.0 %)
Net Income 7.61 6.65 (12.6 %)
No of shares 15.00 15.00 -
Operating EPS (Riyals) 0.53 0.47 (12.0 %)
EPS (Riyals) 0.51 0.44 (12.6 %)

The profit decline was ascribed mainly to a fall in revenues from lease contracts to SAR 9.3 million, from SAR 10.6 million a year before.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 162.92 163.11 0.1 %
Total Debt - - -
Net assets attributable to the Unitholders Item 157.61 157.82 0.1 %
Market value of net assets 173.19 182.51 5.4 %

Net asset value (NAV) stood at SAR 157.81 million as of June 30, 2024, while net book value per unit reached SAR 10.52.

 

The market value of assets stood at SAR 182.51 million as of June 30, 2024, with a market value per unit at SAR 12.17.

 

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Share Price

Alwaha REIT Fund
11.98
0.00 0.00 %

Alwaha REIT Fund (ALWAHA REIT)

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Financial Ratios
Current
Number of Units (Million) 15.00
Net Income/Unit ( Riyal) 0.91
Funds from operations/Unit ( Riyal) 0.96
Current Price/FFO (X) 12.52
Par Value ( Riyal) 10.00
Price/book 1.14
Asset Growth (%) -
Revenue Growth (%) -
Net Income Growth (%) -
Adjusted P/E (Last12) (X) 13.20
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