Derayah REIT makes SAR20.45M FFO, SAR 40.4M net profit in 2023

31/03/2024 Argaam Exclusive

Derayah REIT Fund reported a net profit dip of 15% to SAR 40.3 million (SAR 0.37 per unit) for 2023, from SAR 47.2 million in 2022.

 

Funds from operations (FFO) dropped by 70% to SAR 20.4 million in 2023, from SAR 67.4 million in 2022



Financials (M)

Item 2022 2023 Change‬
Rental Income 123.13 103.49 (16.0 %)
Funds from Operations(FFO) 67.36 20.39 (69.7 %)
Net Income 47.18 40.27 (14.7 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.63 0.19 (69.7 %)
EPS (Riyals) 0.44 0.37 (14.7 %)

The annual earnings were hurt by a decline in rents from investments properties.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 60.84 54.22 (10.9 %)
Funds from Operations(FFO) 29.60 8.73 (70.5 %)
Net Income 19.88 42.54 114.0 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.28 0.08 (70.5 %)
EPS (Riyals) 0.18 0.40 114.0 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,658.43 1,513.47 (8.7 %)
Total Debt 747.98 607.98 (18.7 %)
Net assets attributable to the Unitholders Item 882.04 884.48 0.3 %
Market value of net assets 900.50 946.74 5.1 %

Net asset value (NAV) stood at SAR 884.47 million as of Dec. 31, 2023, while the net book value per unit reached SAR 8.23.

 

The market value of assets stood at SAR 946.73 million by the end of 2023, with a market value per unit of SAR 8.81.

 

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Share Price

Derayah REIT Fund
5.88
(0.02) (0.34 %)

Derayah REIT Fund (DERAYAH REIT)

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Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.59
Current Price/FFO (X) 26.63
Par Value ( Riyal) 10.00
Price/book 0.71
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.59
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