Derayah REIT makes SAR20.45M FFO, SAR 40.4M net profit in 2023

31/03/2024 Argaam Exclusive

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Derayah REIT Fund reported a net profit dip of 15% to SAR 40.3 million (SAR 0.37 per unit) for 2023, from SAR 47.2 million in 2022.

Funds from operations (FFO) dropped by 70% to SAR 20.4 million in 2023, from SAR 67.4 million in 2022

Financials (M)

Item	2022	2023	Change‬
Rental Income	123.13	103.49	(16.0 %)
Funds from Operations(FFO)	67.36	20.39	(69.7 %)
Net Income	47.18	40.27	(14.7 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.63	0.19	(69.7 %)
EPS (Riyals)	0.44	0.37	(14.7 %)

The annual earnings were hurt by a decline in rents from investments properties.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	60.84	54.22	(10.9 %)
Funds from Operations(FFO)	29.60	8.73	(70.5 %)
Net Income	19.88	42.54	114.0 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.28	0.08	(70.5 %)
EPS (Riyals)	0.18	0.40	114.0 %

Item	H1 2023	H2 2023	Change‬
Rental Income	49.27	54.22	10.0 %
Funds from Operations(FFO)	11.66	8.73	(25.2 %)
Net Income	(2.26)	42.54	1978.4 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.11	0.08	(25.2 %)
EPS (Riyals)	(0.02)	0.40	1978.4 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,658.43	1,513.47	(8.7 %)
Total Debt	747.98	607.98	(18.7 %)
Net assets attributable to the Unitholders Item	882.04	884.48	0.3 %
Market value of net assets	900.50	946.74	5.1 %

Net asset value (NAV) stood at SAR 884.47 million as of Dec. 31, 2023, while the net book value per unit reached SAR 8.23.

The market value of assets stood at SAR 946.73 million by the end of 2023, with a market value per unit of SAR 8.81.

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