Al Maather REIT posts SAR 42.8 mln FFO, SAR 28.2 mln net profit in 2022

30/03/2023 Argaam Exclusive

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Al Maather REIT Fund reported a net profit of SAR 28.2 million (SAR 0.46/unit) for 2022, compared with SAR 8.4 million (SAR 0.14/unit) a year earlier, Osool & Bakheet Investment, fund manager, said in a Tadawul filing.

Funds from operations (FFO) rose 11% to SAR 42.8 million in 2022 from SAR 38.7 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	51.63	61.73	19.6 %
Funds from Operations(FFO)	38.67	42.78	10.6 %
Net Income	8.38	28.21	236.6 %
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.63	0.70	10.6 %
EPS (Riyals)	0.14	0.46	236.6 %

The earnings were driven by a 20% rise in rental revenues and a reversal of real estate investment impairments worth SAR 4.1 million, in addition to lower Zakat and tax.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	26.68	30.56	14.6 %
Funds from Operations(FFO)	20.18	21.09	4.5 %
Net Income	(2.90)	17.97	719.6 %
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.33	0.34	4.5 %
EPS (Riyals)	(0.05)	0.29	719.6 %

Item	H1 2022	H2 2022	Change‬
Rental Income	31.17	30.56	(2.0 %)
Funds from Operations(FFO)	21.69	21.09	(2.8 %)
Net Income	10.24	17.97	75.4 %
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.35	0.34	(2.8 %)
EPS (Riyals)	0.17	0.29	75.4 %

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	660.03	726.18	10.0 %
Total Debt	100.29	200.68	100.1 %
Net assets attributable to the Unitholders Item	533.85	499.24	(6.5 %)
Market value of net assets	594.60	620.46	4.3 %

Net asset value (NAV) stood at SAR 499.24 million, while the NAV per unit reached SAR 8.13 during the year.

The market value of assets reached SAR 620.46 million, with per unit market value standing at SAR 10.11.

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