AlAhli REIT Fund (1) posted a 2% rise in H1 2022 net profit to SAR 37.8 million (SAR 0.28 per unit), compared to SAR 37.2 million a year earlier.
Funds from operations (FFO) grew by 2% to SAR 50.8 million in the same period, from SAR 49.9 million in H1 2021.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 88.52 | 92.61 | 4.6 % |
| Funds from Operations(FFO) | 49.93 | 50.76 | 1.7 % |
| Net Income | 37.16 | 37.82 | 1.8 % |
| No of shares | 137.50 | 137.50 | - |
| Operating EPS (Riyals) | 0.36 | 0.37 | 1.7 % |
| EPS (Riyals) | 0.27 | 0.28 | 1.8 % |
The profit growth was triggered by a 5% increase year-on-year (YoY) in rental income and lower depreciation provisions, despite increased other expenses, finance costs and Zakat charges.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,956.60 | 1,954.37 | (0.1 %) |
| Total Debt | 558.22 | 559.08 | 0.2 % |
| Net assets attributable to the Unitholders Item | 1,312.94 | 1,292.78 | (1.5 %) |
| Market value of net assets | 1,349.29 | 1,459.40 | 8.2 % |
Net asset value (NAV) stood at SAR 1.292 billion by the end of H1 2022, while net book value per unit reached SAR 9.40.
The market value of assets stood at SAR 1.459 billion as of June 30, 2022, with market value per unit at SAR 10.61.
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