Bonyan REIT posts SAR 134.2 mln FFO, SAR 110.9 mln profit in 2023

31/03/2024 Argaam Exclusive

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Bonyan REIT Fund posted a net profit of SAR 110.9 million (SAR 0.68/unit) in 2023, up from SAR 97.6 million a year earlier.

Funds from operations (FFO) reached SAR 134.2 million during the period, a 6% increase from SAR 126.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	246.68	269.18	9.1 %
Funds from Operations(FFO)	126.67	134.19	5.9 %
Net Income	97.58	110.90	13.7 %
No of shares	162.88	162.88	0.0 %
Operating EPS (Riyals)	0.78	0.82	5.9 %
EPS (Riyals)	0.60	0.68	13.7 %

Bonyan REIT reported an increase in rental and investment income, higher depreciation of property and equipment, as well as lower fund fees and other expenses. In addition, the REIT reported lower expected credit losses (ECL) and a decline in Zakat and tax.

Meanwhile, Bonyan REIT witnessed higher financing costs (FCs), depreciation of investment properties, and lower reversal of impairment loss on investment properties.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	125.21	134.10	7.1 %
Funds from Operations(FFO)	59.14	70.17	18.6 %
Net Income	26.99	67.31	149.4 %
No of shares	162.88	162.88	0.0 %
Operating EPS (Riyals)	0.36	0.43	18.6 %
EPS (Riyals)	0.17	0.41	149.4 %

Item	H1 2023	H2 2023	Change‬
Rental Income	135.08	134.10	(0.7 %)
Funds from Operations(FFO)	64.03	70.17	9.6 %
Net Income	43.59	67.31	54.4 %
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.39	0.43	9.6 %
EPS (Riyals)	0.27	0.41	54.4 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,908.26	1,745.36	(8.5 %)
Total Debt	385.96	240.44	(37.7 %)
Net assets attributable to the Unitholders Item	1,380.94	1,384.34	0.2 %
Market value of net assets	1,755.91	2,066.43	17.7 %

Net asset value (NAV) stood at SAR 1.38 billion by the end of 2023, while net book value per unit reached SAR 8.50.

The market value of assets stood at SAR 2.06 billion as of Dec. 31, 2023, with the market value per unit at SAR 12.69.

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