Al Maather REIT posts SAR 20.2 mln FFO, SAR 25.9 mln profit in H1 2023

14/08/2023 Argaam Exclusive

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AL Maather REIT Fund
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0.04 0.45 %

AL Maather REIT Fund (AL MAATHER REIT)

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Al Maather REIT Fund reported a net profit of SAR 25.9 million (SAR 0.42/unit) for the first six months of 2023, surging from SAR 10.2 million in the similar period last year.
Funds from operations (FFO) stood at SAR 20.2 million in H1 2023, falling 7% from SAR 21.7 million in H1 2022.


Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 31.17 29.31 (6.0 %)
Funds from Operations(FFO) 21.69 20.16 (7.1 %)
Net Income 10.24 25.94 153.3 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.35 0.33 (7.1 %)
EPS (Riyals) 0.17 0.42 153.3 %

The profit growth was driven by a reversal of real estate impairment provision of SAR 14.9 million, compared with a provision of SAR 1.4 million a year earlier.

 

Fund management fees declined to SAR 2 million from SAR 2.9 million in H1 2022. In addition, no Zakat was recorded in H1 2023 compared with SAR 1.3 million a year before. 



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 734.80 749.96 2.1 %
Total Debt 201.07 200.44 (0.3 %)
Net assets attributable to the Unitholders Item 508.28 514.12 1.1 %
Market value of net assets 587.58 630.22 7.3 %

Net asset value (NAV) stood at SAR 514.12 million and net book value stood at SAR 8.38 per unit by the end of June 30, 2023. 

 

The market value of assets stood at SAR 630.22 million in H1 2023, with market value per unit as fair value at SAR 10.27.

 

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