AlJazira REIT’s 2022 FFO up 19% to SAR 4 mln, net profit rises to SAR 5.7 mln

29/03/2023 Argaam Exclusive

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AlJazira REIT Fund recorded a 33% leap in 2022 net profit to SAR 5.7 million (SAR 0.48 per unit), compared to SAR 4.3 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Rental Income	5.24	6.03	15.0 %
Funds from Operations(FFO)	3.33	3.97	19.3 %
Net Income	4.29	5.70	32.7 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.28	0.34	19.3 %
EPS (Riyals)	0.36	0.48	32.7 %

Funds from operations (FFO) climbed 19% to SAR 4 million in the 12-month period, from SAR 3.3 million in 2021.

The fund reported a 15% rise year-on-year (YoY) in rental income from real estate investments.

It also recorded a reversal of impairment in investment properties of SAR 2.6 million in 2022, compared to a reversal of SAR 1.9 million a year earlier. On the other hand, other expenses increased.

Net asset value (NAV) stood at SAR 84.77 million by the end of 2022, while net book value per unit reached SAR 7.18.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	2.71	2.95	8.6 %
Funds from Operations(FFO)	1.47	1.82	23.5 %
Net Income	1.69	3.01	78.6 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.12	0.15	23.5 %
EPS (Riyals)	0.14	0.26	78.6 %

Item	H1 2022	H2 2022	Change‬
Rental Income	3.08	2.95	(4.4 %)
Funds from Operations(FFO)	2.16	1.82	(15.8 %)
Net Income	2.68	3.01	12.4 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.18	0.15	(15.8 %)
EPS (Riyals)	0.23	0.26	12.4 %

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	85.22	87.13	2.2 %
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	82.53	84.78	2.7 %
Market value of net assets	82.53	84.78	2.7 %

The market value of assets stood at SAR 84.77 million as of Dec. 31, 2022, with market value per unit at SAR 7.18.

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