AlJazira REIT Fund posted a net profit of SAR 7.2 million (SAR 0.61 per unit) for 2023, up 27% from SAR 5.7 million (SAR 0.48 per unit) a year earlier.
Funds from operations (FFO) amounted to SAR 4.2 million in 2023, rising 6% compared with SAR 4 million a year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 6.03 | 5.98 | (0.8 %) |
| Funds from Operations(FFO) | 3.97 | 4.21 | 6.1 % |
| Net Income | 5.70 | 7.25 | 27.3 % |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | 0.34 | 0.36 | 6.1 % |
| EPS (Riyals) | 0.48 | 0.61 | 27.3 % |
The profit growth was driven by a rise in the reversal of real estate impairment provision to SAR 3.9 million, compared with a decline in the reversal of impairment provision by SAR 2.6 million. Other expenses declined.
However, rental revenues fell.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 2.95 | 2.99 | 1.4 % |
| Funds from Operations(FFO) | 1.82 | 1.99 | 9.7 % |
| Net Income | 3.01 | 4.19 | 39.1 % |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | 0.15 | 0.17 | 9.7 % |
| EPS (Riyals) | 0.26 | 0.36 | 39.1 % |
| Item | 2023 | 2023 | Change |
|---|---|---|---|
| Rental Income | 2.99 | 2.99 | (0.1 %) |
| Funds from Operations(FFO) | 2.22 | 1.99 | (10.4 %) |
| Net Income | 3.06 | 4.19 | 37.2 % |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | 0.19 | 0.17 | (10.4 %) |
| EPS (Riyals) | 0.26 | 0.36 | 37.2 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 87.13 | 90.59 | 4.0 % |
| Total Debt | - | - | - |
| Net assets attributable to the Unitholders Item | 84.78 | 88.01 | 3.8 % |
| Market value of net assets | 84.78 | 88.41 | 4.3 % |
Net asset value (NAV) in 2023 stood at SAR 88.01 million, while net book value per unit reached SAR 7.46.
The full-year market value of assets stood at SAR 88.40 million, with market value per unit at SAR 7.49.
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