AlAhli REIT 1 posts SAR 34 mln FFO, SAR 22.1 mln profit in H1 2023

10/08/2023 Argaam Exclusive

AlAhli REIT Fund 1 reported a net profit drop of 42% to SAR 22.1 million (SAR 0.16 per unit) in H1 2023, compared to SAR 37.8 million a year earlier.

 

Funds from operations (FFO) stood at almost SAR 34 million in H1 2023, decreasing 33.1% from SAR 50.76 million in the year before.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 92.61 92.53 (0.1 %)
Funds from Operations(FFO) 50.76 33.97 (33.1 %)
Net Income 37.82 22.12 (41.5 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.37 0.25 (33.1 %)
EPS (Riyals) 0.28 0.16 (41.5 %)

The lower profit was attributed to a rise in finance costs to SAR 18.1 million in H1 2023 from SAR 7.5 million in H1 2022.

 

Other operating expenses increased as the operating expenses of malls rose to SAR 17 million. Lower rental income also weighed on the six-month results.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,954.37 2,001.43 2.4 %
Total Debt 559.08 648.03 15.9 %
Net assets attributable to the Unitholders Item 1,292.78 1,253.81 (3.0 %)
Market value of net assets 1,459.40 1,431.43 (1.9 %)

Net asset value (NAV) stood at SAR 1.25 billion as of June 30, 2023, while the NAV per unit reached SAR 9.12. 

 

The market value of assets reached SAR 1.43 billion by the end of H1 2023, while the per unit fair value stood at SAR 10.41.

 

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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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