Riyad REIT posts SAR 50.6 mln FFO, SAR 34.9 mln profit in H1 2023

14/08/2023 Argaam Exclusive

Riyad REIT Fund reported a net profit of SAR 34.9 million (SAR 0.20 per unit) in H1 2023, down 43% from SAR 61.1 million a year earlier. 

 

Funds from operations (FFO) dropped 34% to SAR 50.6 million in H1 2023, compared to SAR 76.6 million in the year before. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 153.05 152.91 (0.1 %)
Funds from Operations(FFO) 76.56 50.63 (33.9 %)
Net Income 61.09 34.91 (42.9 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.45 0.29 (33.9 %)
EPS (Riyals) 0.36 0.20 (42.9 %)

The lower profit was attributed to a rise in the cost of finance as well as an increase in other operating expenses.  

 

Meanwhile, rental income increased to SAR 119.7 million in the current period, from SAR 99.9 million in the same period last year. However, this was offset by a decrease in profit achieved from investments at fair value.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 3,052.34 3,069.36 0.6 %
Total Debt 1,360.85 1,418.69 4.3 %
Net assets attributable to the Unitholders Item 1,579.01 1,523.29 (3.5 %)
Market value of net assets 1,938.44 1,959.25 1.1 %

Net asset value (NAV) stood at SAR 1.52 billion, while the NAV per unit reached SAR 8.87.

 

The net market value of assets reached SAR 1.95 billion in H1 2023, while the per unit market value stood at SAR 11.41.

 

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Share Price

Riyad REIT Fund
6.38
(0.06) (0.93 %)

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) 41.62
Par Value ( Riyal) 9.51
Price/book 0.76
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
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