AlAhli REIT Fund (1) posts FFO of SAR 101.4 mln, net profit of SAR 75.4 mln in 2021

31/03/2022 Argaam Exclusive

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AlAhli REIT Fund (1) posted a net profit of SAR 75.4 million (SAR 0.55 per unit) for 2021, compared to SAR 14.7 million a year earlier.

Funds from operations (FFO) amounted to SAR 101.4 million in 2021, compared with SAR 63.6 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	141.31	183.41	29.8 %
Funds from Operations(FFO)	63.62	101.37	59.3 %
Net Income	14.72	75.42	412.2 %
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.46	0.74	59.3 %
EPS (Riyals)	0.11	0.55	412.2 %

The profit was attributed to higher property revenue and a decline in operating expenses.

This was offset by higher management fees, and financing charges.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	78.24	94.89	21.3 %
Funds from Operations(FFO)	33.92	51.44	51.6 %
Net Income	13.10	38.26	192.0 %
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.25	0.37	51.6 %
EPS (Riyals)	0.10	0.28	192.0 %

Item	H1 2021	H2 2021	Change‬
Rental Income	88.52	94.89	7.2 %
Funds from Operations(FFO)	49.93	51.44	3.0 %
Net Income	37.16	38.26	3.0 %
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.36	0.37	3.0 %
EPS (Riyals)	0.27	0.28	3.0 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	1,903.40	1,936.75	1.8 %
Total Debt	515.00	558.73	8.5 %
Net assets attributable to the Unitholders Item	1,320.47	1,303.08	(1.3 %)
Market value of net assets	1,361.35	1,332.05	(2.2 %)

Net asset value (NAV) in 2021 stood at SAR 1.303 billion, while net book value per unit reached SAR 9.5.

The full-year market value of assets stood at SAR 1.332 billion, with market value per unit at SAR 9.69.

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