Riyad REIT makes SAR 55M FFO, SAR 21.7M net profit in 2023

31/03/2024 Argaam Exclusive

Riyad REIT Fund reported a net profit fall of 76% to SAR 21.7 million (SAR 0.13 per unit) for 2023, from SAR 88.9 million in 2022.

 

Funds from operations (FFO) dropped by 52% to SAR 55 million in 2023, from SAR 113.8 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 296.09 307.83 4.0 %
Funds from Operations(FFO) 113.82 54.99 (51.7 %)
Net Income 88.93 21.65 (75.7 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.66 0.32 (51.7 %)
EPS (Riyals) 0.52 0.13 (75.7 %)

The annual earnings were hurt by a decline in profits from investments at fair value through profit or loss to SAR 303,000 from SAR 20.5 million in 2022.

 

Moreover, the 30% year-on-year (YoY) increase in revenue costs to SAR 59.3 million, along with a 27% YoY rise in administrative and general expenses to SAR 65.7 million, also contributed to the decline in profit.

 

Additionally, the increase in financing costs during the current period to SAR 86.4 million, compared to SAR 50 million in the year-ago period, and a decrease in other revenues to SAR 452,000, compared to SAR 6.1 million a year earlier, further weighed on earnings.

 

In contrast, there was a 4% increase in revenues, to SAR 307.8 million.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 143.04 154.92 8.3 %
Funds from Operations(FFO) 37.26 4.36 (88.3 %)
Net Income 27.84 (13.25) (147.6 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.22 0.03 (88.3 %)
EPS (Riyals) 0.16 (0.08) (147.6 %)

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 3,074.82 3,040.88 (1.1 %)
Total Debt 1,439.17 1,434.64 (0.3 %)
Net assets attributable to the Unitholders Item 1,531.31 1,467.11 (4.2 %)
Market value of net assets 1,947.69 1,891.30 (2.9 %)

Net asset value (NAV) stood at SAR 1.46 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 8.54.

 

The market value of assets stood at SAR 1.89 billion by the end of 2023, with a market value per unit of SAR 11.01.

 

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Share Price

Riyad REIT Fund
6.52
(0.07) (1.06 %)

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) 42.53
Par Value ( Riyal) 9.51
Price/book 0.77
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
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