AlAhli REIT Fund (1) posts FFO of SAR 92 mln, profit at SAR 66.1 mln in 2022

30/03/2023 Argaam Exclusive

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AlAhli REIT Fund (1) posted a 12% fall in 2022’s net profit to SAR 66.1 million (SAR 0.48 per unit), compared to SAR 75.4 million a year earlier.

Funds from operations (FFO) fell by 9% to SAR 92 million in the same period, from SAR 101.4 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	183.41	185.12	0.9 %
Funds from Operations(FFO)	101.37	91.94	(9.3 %)
Net Income	75.42	66.12	(12.3 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.74	0.67	(9.3 %)
EPS (Riyals)	0.55	0.48	(12.3 %)

Profits dropped on a 48% hike in finance costs, as well as high other operating expenses, fund management fees, and Zakat and taxes.

The fund, however, reported a lower real estate depreciation and a slight rise in rental income.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	94.89	92.51	(2.5 %)
Funds from Operations(FFO)	51.44	41.18	(20.0 %)
Net Income	38.26	28.29	(26.1 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.37	0.30	(20.0 %)
EPS (Riyals)	0.28	0.21	(26.1 %)

Item	H1 2022	H2 2022	Change‬
Rental Income	92.61	92.51	(0.1 %)
Funds from Operations(FFO)	50.76	41.18	(18.9 %)
Net Income	37.82	28.29	(25.2 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.37	0.30	(18.9 %)
EPS (Riyals)	0.28	0.21	(25.2 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	1,936.75	1,936.69	0.0 %
Total Debt	558.73	589.20	5.5 %
Net assets attributable to the Unitholders Item	1,303.08	1,272.94	(2.3 %)
Market value of net assets	1,332.05	1,439.71	8.1 %

Net asset value (NAV) stood at SAR 1.27 billion by the end of 2022, while net book value per unit reached SAR 9.26.

The market value of assets stood at SAR 1.43 billion as of Dec. 31, 2022, with market value per unit at SAR 10.47.

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