Alkhabeer REIT posts FFO of SAR 27 mln, net profit of SAR 37.4 mln in H1 2022

24/08/2022 Argaam Exclusive

View other reports

Alkhabeer REIT Fund swung to a net profit of SAR 37.4 million (SAR 0.27 per unit) in the first half of 2022, against a net loss of SAR 17.4 million a year earlier.

Funds from operations (FFO) stood at SAR 27 million in the six-month period, a drop of 14% from SAR 31.1 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	54.65	59.59	9.0 %
Funds from Operations(FFO)	31.05	26.70	(14.0 %)
Net Income	(17.46)	37.43	314.4 %
No of shares	102.97	141.01	36.9 %
Operating EPS (Riyals)	0.30	0.19	(37.2 %)
EPS (Riyals)	(0.17)	0.27	256.6 %

The positive results were driven by a 9% rise year-on-year (YoY) in rental income. The fund cited a reversal of SAR 32.42 million impairment of real estate investments, compared to a provision of SAR 30.2 million in H1 2021. Lower finance costs also lifted the six-month results.

On the other hand, the fund recorded a credit loss provision of SAR 6 million in H1 2022, and reported higher depreciation of real estate investments.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	1,992.64	1,906.69	(4.3 %)
Total Debt	762.37	762.60	0.0 %
Net assets attributable to the Unitholders Item	812.96	1,099.00	35.2 %
Market value of net assets	864.16	1,202.86	39.2 %

Net asset value (NAV) stood at SAR 1.099 billion by the end of H1 2022, while net book value per unit reached SAR 7.79.

The market value of assets stood at SAR 1.202 billion as of June 30, 2022, with market value per unit at SAR 8.53.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×