Alkhabeer REIT Fund swung to a net profit of SAR 37.4 million (SAR 0.27 per unit) in the first half of 2022, against a net loss of SAR 17.4 million a year earlier.
Funds from operations (FFO) stood at SAR 27 million in the six-month period, a drop of 14% from SAR 31.1 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 54.65 | 59.59 | 9.0 % |
| Funds from Operations(FFO) | 31.05 | 26.70 | (14.0 %) |
| Net Income | (17.46) | 37.43 | 314.4 % |
| No of shares | 102.97 | 141.01 | 36.9 % |
| Operating EPS (Riyals) | 0.30 | 0.19 | (37.2 %) |
| EPS (Riyals) | (0.17) | 0.27 | 256.6 % |
The positive results were driven by a 9% rise year-on-year (YoY) in rental income. The fund cited a reversal of SAR 32.42 million impairment of real estate investments, compared to a provision of SAR 30.2 million in H1 2021. Lower finance costs also lifted the six-month results.
On the other hand, the fund recorded a credit loss provision of SAR 6 million in H1 2022, and reported higher depreciation of real estate investments.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,992.64 | 1,906.69 | (4.3 %) |
| Total Debt | 762.37 | 762.60 | 0.0 % |
| Net assets attributable to the Unitholders Item | 812.96 | 1,099.00 | 35.2 % |
| Market value of net assets | 864.16 | 1,202.86 | 39.2 % |
Net asset value (NAV) stood at SAR 1.099 billion by the end of H1 2022, while net book value per unit reached SAR 7.79.
The market value of assets stood at SAR 1.202 billion as of June 30, 2022, with market value per unit at SAR 8.53.
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