Riyad REIT records SAR 76.6 mln in FFO in H1 2022, net profit at SAR 61.1 mln

24/08/2022 Argaam Exclusive

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Riyad REIT Fund reported a net profit of SAR 61.1 million, or SAR 0.36 a unit, in H1 2022, surging 84% from SAR 33.2 million in the year-earlier period.

Funds from operations (FFO) reached SAR 76.6 million in H1 2022, up by nearly 64% from SAR 46.6 million in year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	109.18	153.05	40.2 %
Funds from Operations(FFO)	46.59	76.56	64.3 %
Net Income	33.17	61.09	84.2 %
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.27	0.45	64.3 %
EPS (Riyals)	0.19	0.36	84.2 %

This was driven by 40% higher rental revenue year-on-year (YoY), including a capital gain of SAR 20.5 million. This was offset by 37% higher cost of revenue YoY, in addition to recording SAR 3.1 million in expenses pertaining to properties management. The fund also registered finance expenses at SAR 12.8 million by the end of H1 2022, compared to SAR 9.1 million in year-earlier period.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	2,548.60	3,052.34	19.8 %
Total Debt	866.91	1,360.85	57.0 %
Net assets attributable to the Unitholders Item	1,581.60	1,579.01	(0.2 %)
Market value of net assets	1,710.39	1,938.44	13.3 %

The net asset book value stood at SAR 1.579 billion in H1 2022, or SAR 9.2 per unit, while the asset market value reached SAR 1.983 billion, or SAR 11.3 per unit, in the six-month period.

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