Alkhabeer REIT sees SAR 32.2 mln FFO, SAR 17.2 mln profit in H1 2023

13/08/2023 Argaam Exclusive

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Alkhabeer REIT Fund reported a net profit of SAR 17.2 million (SAR 0.12 per unit) in H1 2023, down 21% from SAR 37.4 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	59.59	61.72	3.6 %
Funds from Operations(FFO)	26.70	32.22	20.7 %
Net Income	37.43	17.19	(54.1 %)
No of shares	141.01	141.01	-
Operating EPS (Riyals)	0.19	0.23	20.7 %
EPS (Riyals)	0.27	0.12	(54.1 %)

Funds from operations (FFO) rose 21% to around SAR 32.2 million in H1 2023, compared to SAR 26.7 million in the year before.

The lower profit was attributed to a recording reversal of impairment provisions worth SAR 6.7 million, as well as the rise in real estate management fees.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,906.69	1,877.56	(1.5 %)
Total Debt	762.60	751.80	(1.4 %)
Net assets attributable to the Unitholders Item	1,099.00	1,057.27	(3.8 %)
Market value of net assets	1,202.86	1,197.07	(0.5 %)

Net asset value (NAV) stood at SAR 1.05 billion, while the NAV per unit reached SAR 7.50.

The market value of assets reached SAR 1.19 billion in H1 2023, while the per unit market value stood at SAR 8.49.

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