Al Rajhi REIT’s 2022 FFO up 48% to SAR 111.8 mln, profit at SAR 113.4 mln

30/03/2023 Argaam Exclusive

Al Rajhi REIT Fund recorded a net profit of SAR 113.4 million (SAR 0.70 per unit) in 2022, compared to SAR 175.1 million net loss a year earlier.

 

Funds from operations (FFO) climbed 48% to SAR 111.8 million in the 12-month period, from SAR 75.5 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Rental Income 130.28 158.16 21.4 %
Funds from Operations(FFO) 75.49 111.83 48.1 %
Net Income (175.08) 113.41 164.8 %
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.47 0.69 48.1 %
EPS (Riyals) (1.08) 0.70 164.8 %

The fund reported a 21% rise year-on-year (YoY) in rental income from real estate investments.

 

It also recorded a reversal of expected credit loss of SAR 12.2 million in 2022, compared to a credit loss impairment of SAR 10.1 million a year earlier. In addition, the fund saw a reversal of asset impairment provisions at SAR 29.7 million, versus loss provisions of SAR 227.1 million a year earlier.

 

On the other hand, other expenses increased. The cost of finance rose by 56% YoY.



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 47.95 79.05 64.9 %
Funds from Operations(FFO) 29.92 47.96 60.3 %
Net Income (15.82) 46.12 391.5 %
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.18 0.30 60.3 %
EPS (Riyals) (0.10) 0.28 391.5 %

Net asset value (NAV) stood at SAR 1.26 billion by the end of 2022, while net book value per unit reached SAR 7.79.

 

The market value of assets stood at SAR 1.34 billion as of Dec. 31, 2022, with market value per unit at SAR 8.33.

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 2,061.50 2,186.58 6.1 %
Total Debt 791.26 896.40 13.3 %
Net assets attributable to the Unitholders Item 1,245.86 1,260.54 1.2 %
Market value of net assets 1,297.21 1,348.87 4.0 %

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Share Price

Al Rajhi REIT Fund
8.53
0.13 1.55 %

Al Rajhi REIT Fund (Al RAJHI REIT)

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Financial Ratios
Current
Number of Units (Million) 275.61
Net Income/Unit ( Riyal) 0.52
Funds from operations/Unit ( Riyal) 0.55
P/E (X) (TTM) 16.43
Current Price/FFO (X) 15.61
Par Value ( Riyal) 10.00
Price/book 1.06
Asset Growth (%) 0.7
Revenue Growth (%) 45.3
Net Income Growth (%) 185.5
Adjusted P/E (Last12) (X) 16.43
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