Alkhabeer REIT posts SAR 62M FFO, SAR 35.1M net profit in 2023

30/03/2024 Argaam Exclusive

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Alkhabeer REIT Fund reported a net profit of SAR 35.1 million (SAR 0.25 per unit) for 2023, compared to SAR 43.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Rental Income	118.76	123.72	4.2 %
Funds from Operations(FFO)	46.53	62.02	33.3 %
Net Income	43.38	35.14	(19.0 %)
No of shares	141.01	141.01	-
Operating EPS (Riyals)	0.33	0.44	33.3 %
EPS (Riyals)	0.31	0.25	(19.0 %)

Funds from operations (FFO) reached nearly SAR 62 million, rising nearly 33% from SAR 46.5 million in 2022.

Net asset value (NAV) stood at SAR 1.04 billion as of Dec. 31, 2023, while net book value per unit reached SAR 7.42.

The market value of assets stood at SAR 1.19 billion as of Dec. 31, 2023, with a market value per unit at SAR 8.46.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	59.17	62.00	4.8 %
Funds from Operations(FFO)	19.83	29.80	50.3 %
Net Income	5.95	17.95	201.7 %
No of shares	141.01	141.01	-
Operating EPS (Riyals)	0.14	0.21	50.3 %
EPS (Riyals)	0.04	0.13	201.7 %

Item	H1 2023	H2 2023	Change‬
Rental Income	61.72	62.00	0.4 %
Funds from Operations(FFO)	32.22	29.80	(7.5 %)
Net Income	17.19	17.95	4.4 %
No of shares	141.01	141.01	0.0 %
Operating EPS (Riyals)	0.23	0.21	(7.5 %)
EPS (Riyals)	0.12	0.13	4.4 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,883.27	1,860.58	(1.2 %)
Total Debt	753.12	752.33	(0.1 %)
Net assets attributable to the Unitholders Item	1,069.70	1,045.61	(2.3 %)
Market value of net assets	1,187.48	1,192.82	0.4 %

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