Financial Results : Al Maather REIT makes SAR 41.3M FFO, SAR 44.5M net profit in 2023

Al Maather REIT makes SAR 41.3M FFO, SAR 44.5M net profit in 2023

31/03/2024 Argaam Exclusive

View other reports

Al Maather REIT Fund reported a net profit dip of 58% to SAR 44.5 million (SAR 0.73 per unit) for 2023, from SAR 28.2 million (SAR 0.46/unit) in 2022.

 

Funds from operations (FFO) declined by 4% to SAR 41.3 million in 2023, from SAR 42.8 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 61.73 61.28 (0.7 %)
Funds from Operations(FFO) 42.78 41.25 (3.6 %)
Net Income 28.21 44.52 57.8 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.70 0.67 (3.6 %)
EPS (Riyals) 0.46 0.73 57.8 %

The profit increase was driven by realizing SAR 21.2 million gains in the fair value of investment properties and real estate benefits, compared to SAR 4.1 million for the same period of the previous year, in addition to lower other expenses.

 

This came despite a decrease in revenues, increase in fund management expenses and fund management fees, booking expected credit loss provision of SAR 1.2 million, higher real estate investment depreciation expenses and recording transaction fees of SAR 1 million.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 30.56 31.97 4.6 %
Funds from Operations(FFO) 21.09 21.09 0.0 %
Net Income 17.97 18.58 3.4 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.34 0.34 0.0 %
EPS (Riyals) 0.29 0.30 3.4 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 726.18 748.93 3.1 %
Total Debt 200.68 200.04 (0.3 %)
Net assets attributable to the Unitholders Item 499.24 513.66 2.9 %
Market value of net assets 620.46 643.19 3.7 %

Net asset value (NAV) stood at SAR 513.66 million as of Dec. 31, 2023, while the net book value per unit reached SAR 8.37.

 

The market value of assets stood at SAR 643.19 million by the end of 2023, with a market value per unit of SAR 10.48.

 

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.