Alkhabeer REIT posts 2% decline in 2022 FFO to SAR 46.5 mln, SAR 43.4 mln net profit

30/03/2023 Argaam Exclusive

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Alkhabeer REIT Fund swung to a net profit of SAR 43.4 million in 2022, against a net loss of SAR 33.8 million a year earlier.

Funds from operations (FFO) went 2% lower to SAR 46.5 million in the 12-month period, from SAR 47.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	117.78	118.76	0.8 %
Funds from Operations(FFO)	47.25	46.53	(1.5 %)
Net Income	(33.83)	43.38	228.2 %
No of shares	141.01	141.01	0.0 %
Operating EPS (Riyals)	0.34	0.33	(1.5 %)
EPS (Riyals)	(0.24)	0.31	228.2 %

The fund recorded a reversal of impairment in real estate investments of SAR 40.25 million in 2022, compared to a provision of SAR 41.14 million a year earlier.

It also reported a decline in other expenses and a slight rise in rental income. On the other hand, Alkhabeer REIT Fund recorded higher fund management and custodian fees, finance costs and depreciation of real estate investments

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	63.13	59.17	(6.3 %)
Funds from Operations(FFO)	16.20	19.83	22.4 %
Net Income	(16.37)	5.95	136.3 %
No of shares	141.01	141.01	0.0 %
Operating EPS (Riyals)	0.11	0.14	22.4 %
EPS (Riyals)	(0.12)	0.04	136.3 %

Item	H1 2022	H2 2022	Change‬
Rental Income	59.59	59.17	(0.7 %)
Funds from Operations(FFO)	26.70	19.83	(25.7 %)
Net Income	37.43	5.95	(84.1 %)
No of shares	141.01	141.01	0.0 %
Operating EPS (Riyals)	0.19	0.14	(25.7 %)
EPS (Riyals)	0.27	0.04	(84.1 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	1,933.64	1,883.27	(2.6 %)
Total Debt	753.88	753.12	(0.1 %)
Net assets attributable to the Unitholders Item	1,096.83	1,069.70	(2.5 %)
Market value of net assets	1,177.20	1,187.48	0.9 %

In Q4 2022, net losses decreased by 67.9% to SAR 3.6 million, from SAR 11.2 million in Q4 2021.

The company recorded a profit of SAR 911,000 in Q3 2022.

Total shareholders’ equity, after minority interest, decreased to SAR 184.9 million as of Dec. 31, 2022, from SAR 207.9 million a year earlier.

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