Riyad REIT makes SAR 22.9M FFO, SAR 6M net profit in H1 2024

11/08/2024 Argaam Exclusive

Riyad REIT Fund reported a net profit of SAR 6 million (SAR 0.03 per unit) for H1 2024, a fall of 83% from SAR 34.9 million in H1 2023.

 

Funds from operations (FFO) dropped by 55% to SAR 22.9 million in H1 2024, from SAR 50.6 million in the same period a year ago.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 152.91 153.08 0.1 %
Funds from Operations(FFO) 50.63 21.96 (56.6 %)
Net Income 34.91 5.97 (82.9 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.29 0.13 (56.6 %)
EPS (Riyals) 0.20 0.03 (82.9 %)

The first-half earnings were hurt by the 93% year-on-year (YoY) rise in financing costs to SAR 44 million, as general & administrative expenses climbed to SAR 32.4 million during the same period from SAR 28.8 million in H1 2023.

 

Likewise, property management expenses surged to 5.5 million for the first six months of this year, from SAR 3.6 million in the same period a year ago. Additionally, the company earmarked a SAR 2.2 million provision for expected credit losses in H1 2024.

 

This came despite the 11% YoY increase in lease revenues for the first half of 2024.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 3,069.36 3,013.61 (1.8 %)
Total Debt 1,418.69 1,436.08 1.2 %
Net assets attributable to the Unitholders Item 1,523.29 1,447.32 (5.0 %)
Market value of net assets 1,959.25 1,909.58 (2.5 %)

Net asset value (NAV) stood at SAR 1.44 billion as of June 30, 2024, while the net book value (NBV) per unit reached SAR 8.43.

 

The market value of assets stood at SAR 1.90 billion by the end of H1 2024, with a market value per unit of SAR 11.12.

 

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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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