AlAhli REIT (1) logs SAR 64.1M FFO, SAR 40.6M net profit in 2023

31/03/2024 Argaam Exclusive

AlAhli REIT Fund (1) reported a net profit of SAR 40.6 million (SAR 0.29 per unit) for 2023, down 39% from SAR 66.1 million (SAR 0.48 per unit) a year earlier.

 

Funds from operations (FFO) slumped 30% to nearly SAR 64.1 million in 2023, from SAR 91.9 million in the year before.



Financials (M)

Item 2022 2023 Change‬
Rental Income 185.12 183.06 (1.1 %)
Funds from Operations(FFO) 91.94 64.12 (30.3 %)
Net Income 66.12 40.56 (38.7 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.67 0.47 (30.3 %)
EPS (Riyals) 0.48 0.29 (38.7 %)

The annual profit drop was attributed to the decrease in rental income from investment properties. This is besides the rise in impairment losses in the value of receivables from operating lease contracts to SAR 8.5 million in 2023, compared to SAR 4 million a year ago.

 

In addition, other expenses and operating expenses, as well as financing costs, soared in 2023. This came despite increased revenues from hotel operations, along with recording a Zakat provision of SAR 2 million in 2022, compared to none for 2023.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 92.51 90.53 (2.1 %)
Funds from Operations(FFO) 41.18 30.16 (26.8 %)
Net Income 28.29 18.44 (34.8 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.30 0.22 (26.8 %)
EPS (Riyals) 0.21 0.13 (34.8 %)

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,936.69 1,985.32 2.5 %
Total Debt 589.20 660.01 12.0 %
Net assets attributable to the Unitholders Item 1,272.94 1,237.88 (2.8 %)
Market value of net assets 1,439.71 1,413.56 (1.8 %)

The net asset value (NAV) stood at SAR 1.23 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 9.

 

The market value of assets stood at SAR 1.41 billion as of Dec. 31, 2023, with a market value per unit at SAR 10.28.

 

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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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