Alkhabeer REIT posts FFO of SAR 47.3 mln, net loss of SAR 33.8 mln in 2021

31/03/2022 Argaam Exclusive

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Alkhabeer REIT Fund incurred a net loss of SAR 33.8 million in 2021, against a net profit of SAR 1.1 million a year earlier.

Funds from operations (FFO) amounted to SAR 47.3 million in 2021, a rise of 78.4% from SAR 26.5 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	88.23	117.78	33.5 %
Funds from Operations(FFO)	26.49	47.25	78.4 %
Net Income	1.13	(33.83)	(3093.9 %)
No of shares	102.97	141.01	36.9 %
Operating EPS (Riyals)	0.26	0.34	30.3 %
EPS (Riyals)	0.01	(0.24)	(2286.3 %)

The losses came due to a SAR 41 million impairment of real estate investments in 2021, despite a 33.5% year-on-year (YoY) in leasing revenue.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	51.32	63.13	23.0 %
Funds from Operations(FFO)	0.63	16.20	2483.7 %
Net Income	(28.41)	(16.37)	42.4 %
No of shares	102.97	141.01	36.9 %
Operating EPS (Riyals)	0.01	0.11	1786.8 %
EPS (Riyals)	(0.28)	(0.12)	57.9 %

Item	H1 2021	H2 2021	Change‬
Rental Income	54.65	63.13	15.5 %
Funds from Operations(FFO)	31.05	16.20	(47.8 %)
Net Income	(17.46)	(16.37)	6.2 %
No of shares	102.97	141.01	36.9 %
Operating EPS (Riyals)	0.30	0.11	(61.9 %)
EPS (Riyals)	(0.17)	(0.12)	31.5 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	1,678.20	1,933.64	15.2 %
Total Debt	763.16	753.88	(1.2 %)
Net assets attributable to the Unitholders Item	856.15	1,096.83	28.1 %
Market value of net assets	896.80	1,177.20	31.3 %

Net asset value (NAV) stood at SAR 1.096 billion in 2021, while net book value per unit reached SAR 7.78.

The full-year market value of assets stood at SAR 1.177 billion, with market value per unit at SAR 8.35.

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