Derayah REIT posts FFO of SAR 67.4 mln, net profit of SAR 47.2 mln in 2022

30/03/2023 Argaam Exclusive

View other reports

Derayah REIT Fund recorded a 3% decline in 2022 net profit to SAR 47.2 million (SAR 0.44 per unit), compared to SAR 45.6 million a year earlier.

Funds from operations (FFO) decreased by 3% to SAR 67.4 million in 2022, from SAR 69.1 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	130.20	123.13	(5.4 %)
Funds from Operations(FFO)	69.14	67.36	(2.6 %)
Net Income	45.56	47.18	3.6 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.64	0.63	(2.6 %)
EPS (Riyals)	0.42	0.44	3.6 %

The fund recorded a SAR 4.52 million reversal of impairment in investment properties in the 12-month period, compared to an impairment of SAR 2.35 million a year earlier.

It also recorded a decline of SAR 4.06 million in expected credit loss provisions, from SAR 22.38 million a year earlier.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	65.08	60.84	(6.5 %)
Funds from Operations(FFO)	23.14	29.60	27.9 %
Net Income	18.27	19.88	8.8 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.22	0.28	27.9 %
EPS (Riyals)	0.17	0.18	8.8 %

Item	H1 2022	H2 2022	Change‬
Rental Income	62.29	60.84	(2.3 %)
Funds from Operations(FFO)	37.76	29.60	(21.6 %)
Net Income	27.31	19.88	(27.2 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.35	0.28	(21.6 %)
EPS (Riyals)	0.25	0.18	(27.2 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	1,694.72	1,658.43	(2.1 %)
Total Debt	747.98	747.98	-
Net assets attributable to the Unitholders Item	910.11	882.04	(3.1 %)
Market value of net assets	910.75	900.50	(1.1 %)

On the other hand, finance costs increased. Derayah REIT also recorded a 5% year-on-year (YoY) decline in rental income.

Net asset value (NAV) stood at SAR 882.04 million by the end of 2022, while net book value per unit reached SAR 8.20.

The market value of assets stood at SAR 900.50 million as of Dec. 31, 2022, with market value per unit at SAR 8.38.

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.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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.

×