Alkhabeer REIT posts SAR 62M FFO, SAR 35.1M net profit in 2023

30/03/2024 Argaam Exclusive

Alkhabeer REIT Fund reported a net profit of SAR 35.1 million (SAR 0.25 per unit) for 2023, compared to SAR 43.4 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Rental Income 118.76 123.72 4.2 %
Funds from Operations(FFO) 46.53 62.02 33.3 %
Net Income 43.38 35.14 (19.0 %)
No of shares 141.01 141.01 -
Operating EPS (Riyals) 0.33 0.44 33.3 %
EPS (Riyals) 0.31 0.25 (19.0 %)

Funds from operations (FFO) reached nearly SAR 62 million, rising nearly 33% from SAR 46.5 million in 2022.

 

Net asset value (NAV) stood at SAR 1.04 billion as of Dec. 31, 2023, while net book value per unit reached SAR 7.42.

 

The market value of assets stood at SAR 1.19 billion as of Dec. 31, 2023, with a market value per unit at SAR 8.46.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 59.17 62.00 4.8 %
Funds from Operations(FFO) 19.83 29.80 50.3 %
Net Income 5.95 17.95 201.7 %
No of shares 141.01 141.01 -
Operating EPS (Riyals) 0.14 0.21 50.3 %
EPS (Riyals) 0.04 0.13 201.7 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,883.27 1,860.58 (1.2 %)
Total Debt 753.12 752.33 (0.1 %)
Net assets attributable to the Unitholders Item 1,069.70 1,045.61 (2.3 %)
Market value of net assets 1,187.48 1,192.82 0.4 %

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Share Price

Alkhabeer REIT Fund
5.75
0.00 0.00 %

Alkhabeer REIT Fund (ALKHABEER REIT)

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Financial Ratios
Current
Number of Units (Million) 141.01
Net Income/Unit ( Riyal) 0.46
Funds from operations/Unit ( Riyal) 0.45
P/E (X) (TTM) 12.38
Current Price/FFO (X) 12.78
Par Value ( Riyal) 10.00
Price/book 0.76
Asset Growth (%) (0.74 )
Revenue Growth (%) 6.1
Net Income Growth (%) 183.1
Adjusted P/E (Last12) (X) 18.73
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