Al Rajhi REIT’s 2022 FFO up 48% to SAR 111.8 mln, profit at SAR 113.4 mln

30/03/2023 Argaam Exclusive

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Al Rajhi REIT Fund recorded a net profit of SAR 113.4 million (SAR 0.70 per unit) in 2022, compared to SAR 175.1 million net loss a year earlier.

Funds from operations (FFO) climbed 48% to SAR 111.8 million in the 12-month period, from SAR 75.5 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	130.28	158.16	21.4 %
Funds from Operations(FFO)	75.49	111.83	48.1 %
Net Income	(175.08)	113.41	164.8 %
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.47	0.69	48.1 %
EPS (Riyals)	(1.08)	0.70	164.8 %

The fund reported a 21% rise year-on-year (YoY) in rental income from real estate investments.

It also recorded a reversal of expected credit loss of SAR 12.2 million in 2022, compared to a credit loss impairment of SAR 10.1 million a year earlier. In addition, the fund saw a reversal of asset impairment provisions at SAR 29.7 million, versus loss provisions of SAR 227.1 million a year earlier.

On the other hand, other expenses increased. The cost of finance rose by 56% YoY.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	47.95	79.05	64.9 %
Funds from Operations(FFO)	29.92	47.96	60.3 %
Net Income	(15.82)	46.12	391.5 %
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.18	0.30	60.3 %
EPS (Riyals)	(0.10)	0.28	391.5 %

Item	H1 2022	H2 2022	Change‬
Rental Income	79.11	79.05	(0.1 %)
Funds from Operations(FFO)	63.87	47.96	(24.9 %)
Net Income	67.29	46.12	(31.5 %)
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.39	0.30	(24.9 %)
EPS (Riyals)	0.42	0.28	(31.5 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	2,061.50	2,186.58	6.1 %
Total Debt	791.26	896.40	13.3 %
Net assets attributable to the Unitholders Item	1,245.86	1,260.54	1.2 %
Market value of net assets	1,297.21	1,348.87	4.0 %

Net asset value (NAV) stood at SAR 1.26 billion by the end of 2022, while net book value per unit reached SAR 7.79.

The market value of assets stood at SAR 1.34 billion as of Dec. 31, 2022, with market value per unit at SAR 8.33.

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