AlJazira REIT Fund posts FFO of SAR 4.2M, net profit of SAR 7.2M in 2023

31/03/2024 Argaam Exclusive

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AlJazira REIT Fund posted a net profit of SAR 7.2 million (SAR 0.61 per unit) for 2023, up 27% from SAR 5.7 million (SAR 0.48 per unit) a year earlier.

Funds from operations (FFO) amounted to SAR 4.2 million in 2023, rising 6% compared with SAR 4 million a year before.

Financials (M)

Item	2022	2023	Change‬
Rental Income	6.03	5.98	(0.8 %)
Funds from Operations(FFO)	3.97	4.21	6.1 %
Net Income	5.70	7.25	27.3 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.34	0.36	6.1 %
EPS (Riyals)	0.48	0.61	27.3 %

The profit growth was driven by a rise in the reversal of real estate impairment provision to SAR 3.9 million, compared with a decline in the reversal of impairment provision by SAR 2.6 million. Other expenses declined.

However, rental revenues fell.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	2.95	2.99	1.4 %
Funds from Operations(FFO)	1.82	1.99	9.7 %
Net Income	3.01	4.19	39.1 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.15	0.17	9.7 %
EPS (Riyals)	0.26	0.36	39.1 %

Item	H1 2023	H2 2023	Change‬
Rental Income	2.99	2.99	(0.1 %)
Funds from Operations(FFO)	2.22	1.99	(10.4 %)
Net Income	3.06	4.19	37.2 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.19	0.17	(10.4 %)
EPS (Riyals)	0.26	0.36	37.2 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	87.13	90.59	4.0 %
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	84.78	88.01	3.8 %
Market value of net assets	84.78	88.41	4.3 %

Net asset value (NAV) in 2023 stood at SAR 88.01 million, while net book value per unit reached SAR 7.46.

The full-year market value of assets stood at SAR 88.40 million, with market value per unit at SAR 7.49.

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