AlAhli REIT Fund (1) posts FFO of SAR 50.8 mln, net profit of SAR 37.8 mln in H1 2022

25/08/2022 Argaam Exclusive

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AlAhli REIT Fund (1) posted a 2% rise in H1 2022 net profit to SAR 37.8 million (SAR 0.28 per unit), compared to SAR 37.2 million a year earlier.

Funds from operations (FFO) grew by 2% to SAR 50.8 million in the same period, from SAR 49.9 million in H1 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	88.52	92.61	4.6 %
Funds from Operations(FFO)	49.93	50.76	1.7 %
Net Income	37.16	37.82	1.8 %
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.36	0.37	1.7 %
EPS (Riyals)	0.27	0.28	1.8 %

The profit growth was triggered by a 5% increase year-on-year (YoY) in rental income and lower depreciation provisions, despite increased other expenses, finance costs and Zakat charges.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	1,956.60	1,954.37	(0.1 %)
Total Debt	558.22	559.08	0.2 %
Net assets attributable to the Unitholders Item	1,312.94	1,292.78	(1.5 %)
Market value of net assets	1,349.29	1,459.40	8.2 %

Net asset value (NAV) stood at SAR 1.292 billion by the end of H1 2022, while net book value per unit reached SAR 9.40.

The market value of assets stood at SAR 1.459 billion as of June 30, 2022, with market value per unit at SAR 10.61.

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