AlAhli REIT Fund (1) posts FFO of SAR 101.4 mln, net profit of SAR 75.4 mln in 2021

31/03/2022 Argaam Exclusive

AlAhli REIT Fund (1) posted a net profit of SAR 75.4 million (SAR 0.55 per unit) for 2021, compared to SAR 14.7 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 101.4 million in 2021, compared with SAR 63.6 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 141.31 183.41 29.8 %
Funds from Operations(FFO) 63.62 101.37 59.3 %
Net Income 14.72 75.42 412.2 %
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.46 0.74 59.3 %
EPS (Riyals) 0.11 0.55 412.2 %

The profit was attributed to higher property revenue and a decline in operating expenses.

 

This was offset by higher management fees, and financing charges.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 78.24 94.89 21.3 %
Funds from Operations(FFO) 33.92 51.44 51.6 %
Net Income 13.10 38.26 192.0 %
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.25 0.37 51.6 %
EPS (Riyals) 0.10 0.28 192.0 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,903.40 1,936.75 1.8 %
Total Debt 515.00 558.73 8.5 %
Net assets attributable to the Unitholders Item 1,320.47 1,303.08 (1.3 %)
Market value of net assets 1,361.35 1,332.05 (2.2 %)

Net asset value (NAV) in 2021 stood at SAR 1.303 billion, while net book value per unit reached SAR 9.5.

 

The full-year market value of assets stood at SAR 1.332 billion, with market value per unit at SAR 9.69.

 

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Share Price

AlAhli REIT Fund 1
7.13
0.08 1.13 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.24
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 29.50
Current Price/FFO (X) 17.21
Par Value ( Riyal) 10.00
Price/book 0.80
Asset Growth (%) 0.8
Revenue Growth (%) (1.60 )
Net Income Growth (%) (34.07 )
Adjusted P/E (Last12) (X) 29.50
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