Riyad REIT posts FFO of SAR 113.8 mln, net profit of SAR 88.9 mln in 2022

30/03/2023 Argaam Exclusive

Riyad REIT Fund recorded an 8% decline in 2022 net profit to SAR 88.9 million (SAR 0.52 per unit), compared to SAR 96.6 million a year earlier.

 

Funds from operations (FFO) dropped  21% to SAR 113.8 million in the 12-month period, from SAR 127.5 million in 2021. 



Financials (M)

Item 2021 2022 Change‬
Rental Income 267.48 296.09 10.7 %
Funds from Operations(FFO) 127.51 113.82 (10.7 %)
Net Income 96.55 88.93 (7.9 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.74 0.66 (10.7 %)
EPS (Riyals) 0.56 0.52 (7.9 %)

The fund reported higher management fees, general and administrative expenses, and finance costs.

 

It also recorded higher expected credit loss provisions of SAR 2.3 million in 2022, compared to SAR 1.7 million a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 158.30 143.04 (9.6 %)
Funds from Operations(FFO) 80.92 37.26 (54.0 %)
Net Income 63.38 27.84 (56.1 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.47 0.22 (54.0 %)
EPS (Riyals) 0.37 0.16 (56.1 %)

On the other hand, the fund reported a rise in rental income, a capital gain of SAR 20.53 million on sale of a property in the US and lower real estate management expenses. 

 

Net asset value (NAV) stood at SAR 1.53 billion by the end of 2022. Net book value per unit reached SAR 8.92. 

 

The market value of assets stood at SAR 1.94 billion as of Dec. 31, 2022, with market value per unit at SAR 11.34.

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 3,072.59 3,074.82 0.1 %
Total Debt 1,367.33 1,439.17 5.3 %
Net assets attributable to the Unitholders Item 1,598.63 1,531.31 (4.2 %)
Market value of net assets 1,752.78 1,947.69 11.1 %

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Share Price

Riyad REIT Fund
6.36
0.02 0.32 %

Riyad REIT Fund (RIYAD REIT)

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Financial Ratios
Current
Number of Units (Million) 171.70
Net Income/Unit ( Riyal) (0.04 )
Funds from operations/Unit ( Riyal) 0.15
P/E (X) (TTM) NEG
Current Price/FFO (X) 41.49
Par Value ( Riyal) 9.51
Price/book 0.75
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
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