AlAhli REIT Fund (1) posts FFO of SAR 50.8 mln, net profit of SAR 37.8 mln in H1 2022

25/08/2022 Argaam Exclusive

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.



Financials (M)

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.



Balance Sheet (Million)

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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Share Price

AlAhli REIT Fund 1
7.10
(0.04) (0.56 %)

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) 29.37
Current Price/FFO (X) 17.14
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) 29.37
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