AlJazira REIT’s H1 2022 FFO rises to SAR 2.2 mln, net profit up 3% to SAR 2.7 mln

25/08/2022 Argaam Exclusive

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AlJazira REIT Fund recorded a 3% rise in H1 2022 net profit to SAR 2.7 million (SAR 0.23 per unit), compared to SAR 2.6 million a year earlier.

Funds from operations (FFO) climbed 16% to SAR 2.2 million in the six-month period, from SAR 1.9 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	2.53	3.08	21.9 %
Funds from Operations(FFO)	1.86	2.16	15.9 %
Net Income	2.60	2.68	3.0 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.16	0.18	15.9 %
EPS (Riyals)	0.22	0.23	3.0 %

This came as rental income increased by 22% year-on-year (YoY) in H1 2022, in addition to a rise in other revenues.

On the other hand, the fund recorded a reversal of impairment in investment properties of SAR 945,000 in H1 2022, compared to SAR 1.2 in the same period a year-ago.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	87.34	86.85	(0.6 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	84.83	85.22	0.5 %
Market value of net assets	84.10	85.22	1.3 %

Net asset value (NAV) stood at SAR 85.22 million by the end of H1 2022, while net book value per unit reached SAR 7.22.

The market value of assets stood at SAR 85.22 million as of June 30, 2022, with market value per unit at SAR 7.22.

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