Al Rajhi REIT logs SAR 73.6M FFO, SAR 71.6M profit in H1 2024

11/08/2024 Argaam Exclusive

Al Rajhi REIT Fund reported a net profit of SAR 71.6 million (SAR 0.26 per unit) for H1 2024, compared to SAR 4 million (SAR 0.02 per unit) a year earlier.

 

Funds from operations (FFO) jumped to SAR 73.6 million in the six-month period from SAR 32.6 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 79.11 116.83 47.7 %
Funds from Operations(FFO) 32.60 73.60 125.8 %
Net Income 4.01 71.58 1686.0 %
No of shares 161.86 275.61 70.3 %
Operating EPS (Riyals) 0.20 0.27 32.6 %
EPS (Riyals) 0.02 0.26 948.9 %

Real estate investment rental revenues improved to SAR 116.8 million in H1 2024 from SAR 79.1 million for the same period of the previous year.

 

The fund registered a reversal of the provision for impairment losses of SAR 19.7 million, compared to a provision of SAR 19.1 million a year ago.

 

This came despite achieving Murabaha revenues of SAR 3.9 million for the previous period, compared to none for the current period.

 

Al Rajhi REIT’s expenses increased to SAR 68.7 million for the current period, compared to SAR 52.2 million in H1 2023.



Net asset value (NAV) stood at SAR 2.20 billion as of June 30, 2024, while net book value per unit reached SAR 8.02.

 

The market value of assets stood at SAR 2.33 billion by the end of the six-month period, with a market value per unit at SAR 8.46.

Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 3,132.85 3,155.52 0.7 %
Total Debt 896.40 896.40 -
Net assets attributable to the Unitholders Item 1,186.86 2,209.53 86.2 %
Market value of net assets 1,255.19 2,331.58 85.8 %

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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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