Al Rajhi REIT posts SAR 32.6 mln FFO, SAR 4 mln profit in H1 2023

10/08/2023 Argaam Exclusive

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Al Rajhi REIT Fund reported a net profit of SAR 4 million (SAR 0.02 per unit) in H1 2023, compared to SAR 67.3 million (SAR 0.42 per unit) a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	79.11	79.11	0.0 %
Funds from Operations(FFO)	63.87	32.60	(49.0 %)
Net Income	67.29	4.01	(94.0 %)
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.39	0.20	(49.0 %)
EPS (Riyals)	0.42	0.02	(94.0 %)

Funds from operations (FFO) stood at SAR 32.6 million in H1 2023, compared to SAR 63.9 million in the year before.

This was driven by a higher cost of financing to SAR 25 million from SAR 12.8 million a year earlier. It also recorded impairment provisions at SAR 9.6 million, versus written back provisions of SAR 11.7 million a year earlier.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	2,191.44	3,132.85	43.0 %
Total Debt	896.40	896.40	-
Net assets attributable to the Unitholders Item	1,267.83	1,186.86	(6.4 %)
Market value of net assets	1,344.13	1,255.19	(6.6 %)

Net asset value (NAV) stood at SAR 1.18 billion in H1 2023, while the NAV per unit reached SAR 7.33.

The market value of assets reached SAR 1.25 billion in H1 2023, while the per unit market value stood at SAR 7.75.

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