Derayah REIT’s FFO down 18% to SAR 37.8 mln, net profit at SAR 27 mln in H1 2022

25/08/2022 Argaam Exclusive

Derayah REIT Fund posted a net profit of SAR 27.31 million (SAR 0.25 per unit) in the first half of 2022, a slight increase from SAR 27.29 million a year earlier.

 

Funds from operations (FFO) stood at SAR 37.76 million in the six-month period, a drop of 18% from SAR 45.9 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 65.13 62.29 (4.4 %)
Funds from Operations(FFO) 45.99 37.76 (17.9 %)
Net Income 27.29 27.31 0.0 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.43 0.35 (17.9 %)
EPS (Riyals) 0.25 0.25 0.0 %

The profit increase was driven by recording a SAR 2.69 million reversal in provision for impairment in real estate investments against a provision of SAR 5.62 million for impairment in real estate investments.

 

The higher profit came despite an increase in finance costs and a 4% decline YoY in rental income.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,711.90 1,688.66 (1.4 %)
Total Debt 747.98 747.98 -
Net assets attributable to the Unitholders Item 930.54 898.71 (3.4 %)
Market value of net assets 932.87 898.91 (3.6 %)

Net asset value (NAV) stood at SAR 898.71 million by the end of H1 2022, while net book value per unit reached SAR 8.36.

 

The market value of assets stood at SAR 898.91 million as of June 30, 2022, with market value per unit at SAR 8.36.

 

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Share Price

Derayah REIT Fund
6.03
0.00 0.00 %

Derayah REIT Fund (DERAYAH REIT)

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Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.88
Current Price/FFO (X) 27.31
Par Value ( Riyal) 10.00
Price/book 0.73
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.88
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