AlAhli REIT 1 posts SAR 26.8M FFO, SAR 14.8M profit in H1 2024

11/08/2024 Argaam Exclusive

AlAhli REIT Fund 1 reported a net profit decline of 33% to 14.8 million (SAR 0.11 per unit) in H1 2024, compared to SAR 22.1 million (SAR 0.16 per unit) in H1 2023.

 

Funds from operations (FFO) stood at SAR 26.8 million in H1 2023, versus SAR 34 million in the year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 92.53 91.55 (1.1 %)
Funds from Operations(FFO) 33.97 26.79 (21.1 %)
Net Income 22.12 14.80 (33.1 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.25 0.19 (21.1 %)
EPS (Riyals) 0.16 0.11 (33.1 %)

Fund manager SNB Capital stated a decrease in rental income from investment properties as the reason for the profit decline. In addition, the fund witnessed an increase in impairment losses in operating lease receivables to SAR 6.5 million in H1 2024, compared to SAR 3 million a year earlier.

 

The fund also reported higher operating expenses and financing costs.

 

Meanwhile, hotel operations revenues edged higher.



Net asset value (NAV) stood at SAR 1.21 billion as of June 30, 2024, while the NAV per unit reached SAR 8.86.

 

The market value of assets reached SAR 1.38 billion by the end of H1 2024, while the per unit fair value stood at SAR 10.05.

Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 2,001.43 2,016.57 0.8 %
Total Debt 648.03 680.22 5.0 %
Net assets attributable to the Unitholders Item 1,253.81 1,218.30 (2.8 %)
Market value of net assets 1,431.43 1,381.22 (3.5 %)

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Share Price

AlAhli REIT Fund 1
7.23
(0.07) (0.96 %)

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.24
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 29.91
Current Price/FFO (X) 17.46
Par Value ( Riyal) 10.00
Price/book 0.82
Asset Growth (%) 0.8
Revenue Growth (%) (1.60 )
Net Income Growth (%) (34.07 )
Adjusted P/E (Last12) (X) 29.91
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