AlAhli REIT Fund (1) posted a 12% fall in 2022’s net profit to SAR 66.1 million (SAR 0.48 per unit), compared to SAR 75.4 million a year earlier.
Funds from operations (FFO) fell by 9% to SAR 92 million in the same period, from SAR 101.4 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 183.41 | 185.12 | 0.9 % |
| Funds from Operations(FFO) | 101.37 | 91.94 | (9.3 %) |
| Net Income | 75.42 | 66.12 | (12.3 %) |
| No of shares | 137.50 | 137.50 | - |
| Operating EPS (Riyals) | 0.74 | 0.67 | (9.3 %) |
| EPS (Riyals) | 0.55 | 0.48 | (12.3 %) |
Profits dropped on a 48% hike in finance costs, as well as high other operating expenses, fund management fees, and Zakat and taxes.
The fund, however, reported a lower real estate depreciation and a slight rise in rental income.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 94.89 | 92.51 | (2.5 %) |
| Funds from Operations(FFO) | 51.44 | 41.18 | (20.0 %) |
| Net Income | 38.26 | 28.29 | (26.1 %) |
| No of shares | 137.50 | 137.50 | - |
| Operating EPS (Riyals) | 0.37 | 0.30 | (20.0 %) |
| EPS (Riyals) | 0.28 | 0.21 | (26.1 %) |
| Item | 2022 | 2022 | Change |
|---|---|---|---|
| Rental Income | 92.61 | 92.51 | (0.1 %) |
| Funds from Operations(FFO) | 50.76 | 41.18 | (18.9 %) |
| Net Income | 37.82 | 28.29 | (25.2 %) |
| No of shares | 137.50 | 137.50 | - |
| Operating EPS (Riyals) | 0.37 | 0.30 | (18.9 %) |
| EPS (Riyals) | 0.28 | 0.21 | (25.2 %) |
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 1,936.75 | 1,936.69 | 0.0 % |
| Total Debt | 558.73 | 589.20 | 5.5 % |
| Net assets attributable to the Unitholders Item | 1,303.08 | 1,272.94 | (2.3 %) |
| Market value of net assets | 1,332.05 | 1,439.71 | 8.1 % |
Net asset value (NAV) stood at SAR 1.27 billion by the end of 2022, while net book value per unit reached SAR 9.26.
The market value of assets stood at SAR 1.43 billion as of Dec. 31, 2022, with market value per unit at SAR 10.47.
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