Riyad REIT posts FFO of SAR 113.8 mln, net profit of SAR 88.9 mln in 2022

30/03/2023 Argaam Exclusive

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Riyad REIT Fund recorded an 8% decline in 2022 net profit to SAR 88.9 million (SAR 0.52 per unit), compared to SAR 96.6 million a year earlier.

Funds from operations (FFO) dropped 21% to SAR 113.8 million in the 12-month period, from SAR 127.5 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	267.48	296.09	10.7 %
Funds from Operations(FFO)	127.51	113.82	(10.7 %)
Net Income	96.55	88.93	(7.9 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.74	0.66	(10.7 %)
EPS (Riyals)	0.56	0.52	(7.9 %)

The fund reported higher management fees, general and administrative expenses, and finance costs.

It also recorded higher expected credit loss provisions of SAR 2.3 million in 2022, compared to SAR 1.7 million a year earlier.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	158.30	143.04	(9.6 %)
Funds from Operations(FFO)	80.92	37.26	(54.0 %)
Net Income	63.38	27.84	(56.1 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.47	0.22	(54.0 %)
EPS (Riyals)	0.37	0.16	(56.1 %)

Item	H1 2022	H2 2022	Change‬
Rental Income	153.05	143.04	(6.5 %)
Funds from Operations(FFO)	76.56	37.26	(51.3 %)
Net Income	61.09	27.84	(54.4 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.45	0.22	(51.3 %)
EPS (Riyals)	0.36	0.16	(54.4 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	3,072.59	3,074.82	0.1 %
Total Debt	1,367.33	1,439.17	5.3 %
Net assets attributable to the Unitholders Item	1,598.63	1,531.31	(4.2 %)
Market value of net assets	1,752.78	1,947.69	11.1 %

On the other hand, the fund reported a rise in rental income, a capital gain of SAR 20.53 million on sale of a property in the US and lower real estate management expenses.

Net asset value (NAV) stood at SAR 1.53 billion by the end of 2022. Net book value per unit reached SAR 8.92.

The market value of assets stood at SAR 1.94 billion as of Dec. 31, 2022, with market value per unit at SAR 11.34.

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