AlAhli REIT 1 posts SAR 34 mln FFO, SAR 22.1 mln profit in H1 2023

10/08/2023 Argaam Exclusive

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AlAhli REIT Fund 1 reported a net profit drop of 42% to SAR 22.1 million (SAR 0.16 per unit) in H1 2023, compared to SAR 37.8 million a year earlier.

Funds from operations (FFO) stood at almost SAR 34 million in H1 2023, decreasing 33.1% from SAR 50.76 million in the year before.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	92.61	92.53	(0.1 %)
Funds from Operations(FFO)	50.76	33.97	(33.1 %)
Net Income	37.82	22.12	(41.5 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.37	0.25	(33.1 %)
EPS (Riyals)	0.28	0.16	(41.5 %)

The lower profit was attributed to a rise in finance costs to SAR 18.1 million in H1 2023 from SAR 7.5 million in H1 2022.

Other operating expenses increased as the operating expenses of malls rose to SAR 17 million. Lower rental income also weighed on the six-month results.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,954.37	2,001.43	2.4 %
Total Debt	559.08	648.03	15.9 %
Net assets attributable to the Unitholders Item	1,292.78	1,253.81	(3.0 %)
Market value of net assets	1,459.40	1,431.43	(1.9 %)

Net asset value (NAV) stood at SAR 1.25 billion as of June 30, 2023, while the NAV per unit reached SAR 9.12.

The market value of assets reached SAR 1.43 billion by the end of H1 2023, while the per unit fair value stood at SAR 10.41.

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