Al Rajhi REIT reports SAR 63.9 mln FFO in H1 2022; net income at SAR 67.3 mln

16/08/2022 Argaam Exclusive

Al Rajhi REIT Fund reported a net profit of SAR 67.3 million, or SAR 0.42 a unit, in H1 2022, versus a net loss of SAR 159.3 million in the year-earlier period.

 

Funds from operations (FFO) reached nearly SAR 63.9 million in H1 2022, compared to SAR 45.6 million in year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 82.33 79.11 (3.9 %)
Funds from Operations(FFO) 45.57 63.87 40.2 %
Net Income (159.26) 67.29 142.3 %
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.28 0.39 40.2 %
EPS (Riyals) (0.98) 0.42 142.3 %

This was driven by writing back SAR 11.7 million in accounts receivable impairment in H1 2022, versus SAR 14 million in provisions in the prior-year period. In addition, the fund noted the write-back of SAR 17.4 million impairment of investment properties in H1 2022, compared to SAR 190.5 million provision in the year-earlier period.  

 

However, rental income for the six-month period dropped 4% year-on-year (YoY), while cost of finance increased by 20% YoY in H1 2022. 



The net asset book value stood at SAR 1.267 billion in H1 2022, or SAR 7.83 per unit, while the asset market value reached SAR 1.344 billion, or SAR 8.30 per unit, in the six-month period

Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 2,122.45 2,191.44 3.3 %
Total Debt 791.26 896.40 13.3 %
Net assets attributable to the Unitholders Item 1,307.00 1,267.83 (3.0 %)
Market value of net assets 1,333.56 1,344.13 0.8 %

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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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