Riyad REIT makes SAR 55M FFO, SAR 21.7M net profit in 2023

31/03/2024 Argaam Exclusive

Riyad REIT Fund reported a net profit fall of 76% to SAR 21.7 million (SAR 0.13 per unit) for 2023, from SAR 88.9 million in 2022.

 

Funds from operations (FFO) dropped by 52% to SAR 55 million in 2023, from SAR 113.8 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 296.09 307.83 4.0 %
Funds from Operations(FFO) 113.82 54.99 (51.7 %)
Net Income 88.93 21.65 (75.7 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.66 0.32 (51.7 %)
EPS (Riyals) 0.52 0.13 (75.7 %)

The annual earnings were hurt by a decline in profits from investments at fair value through profit or loss to SAR 303,000 from SAR 20.5 million in 2022.

 

Moreover, the 30% year-on-year (YoY) increase in revenue costs to SAR 59.3 million, along with a 27% YoY rise in administrative and general expenses to SAR 65.7 million, also contributed to the decline in profit.

 

Additionally, the increase in financing costs during the current period to SAR 86.4 million, compared to SAR 50 million in the year-ago period, and a decrease in other revenues to SAR 452,000, compared to SAR 6.1 million a year earlier, further weighed on earnings.

 

In contrast, there was a 4% increase in revenues, to SAR 307.8 million.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 143.04 154.92 8.3 %
Funds from Operations(FFO) 37.26 4.36 (88.3 %)
Net Income 27.84 (13.25) (147.6 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.22 0.03 (88.3 %)
EPS (Riyals) 0.16 (0.08) (147.6 %)

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 3,074.82 3,040.88 (1.1 %)
Total Debt 1,439.17 1,434.64 (0.3 %)
Net assets attributable to the Unitholders Item 1,531.31 1,467.11 (4.2 %)
Market value of net assets 1,947.69 1,891.30 (2.9 %)

Net asset value (NAV) stood at SAR 1.46 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 8.54.

 

The market value of assets stood at SAR 1.89 billion by the end of 2023, with a market value per unit of SAR 11.01.

 

View more financial results

 

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Share Price

Riyad REIT Fund
6.36
0.02 0.32 %

Riyad REIT Fund (RIYAD REIT)

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Financial Ratios
Current
Number of Units (Million) 171.70
Net Income/Unit ( Riyal) (0.04 )
Funds from operations/Unit ( Riyal) 0.15
P/E (X) (TTM) NEG
Current Price/FFO (X) 41.49
Par Value ( Riyal) 9.51
Price/book 0.75
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 7.84 - 3.92 - 3.16 -
H2 2016 14.17 - 9.49 - 6.72 -
H1 2017 16.83 114.6 % 12.94 230.3 % 9.53 201.2 %
H2 2017 21.57 52.2 % 15.35 61.8 % 10.54 56.7 %
H1 2018 33.97 101.8 % 29.34 126.8 % 24.04 152.2 %
H2 2018 115.15 433.8 % 47.09 206.7 % 40.14 281.0 %
H1 2019 90.44 166.3 % 41.22 40.5 % 33.64 40.0 %
H2 2019 90.71 (21.2 %) 51.19 8.7 % 37.24 (7.2 %)
H1 2020 88.40 (2.3 %) 35.14 (14.7 %) 23.90 (29.0 %)
H2 2020 97.62 7.6 % 34.03 (33.5 %) 21.16 (43.2 %)
H1 2021 109.18 23.5 % 46.59 32.6 % 33.17 38.8 %
H2 2021 158.30 62.2 % 80.92 137.8 % 63.38 199.6 %
H1 2022 153.05 40.2 % 76.56 64.3 % 61.09 84.2 %
H2 2022 143.04 (9.6 %) 37.26 (54.0 %) 27.84 (56.1 %)
H1 2023 152.91 (0.1 %) 50.63 (33.9 %) 34.91 (42.9 %)
H2 2023 154.92 8.3 % 4.36 (88.3 %) (13.25) (147.6 %)
2023 307.83 4.0 % 54.99 (51.7 %) 21.65 (75.7 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2015 - - - - - - - -
H2 2015 - - - - - - - -
H1 2016 516.46 - - - 500.60 - 517.20 -
H2 2016 504.68 - - - 481.90 - 500.28 -
H1 2017 673.54 30.4 % 114.98 - 478.29 (4.5 %) 511.43 (1.1 %)
H2 2017 717.69 42.2 % 194.92 - 488.97 1.5 % 525.06 5.0 %
H1 2018 1,725.16 156.1 % 44.00 (61.7 %) 1,631.01 241.0 % 1,682.79 229.0 %
H2 2018 1,798.69 150.6 % 88.34 (54.7 %) 1,641.96 235.8 % 1,706.72 225.1 %
H1 2019 1,991.73 15.5 % 295.44 571.5 % 1,627.53 (0.2 %) 1,689.30 0.4 %
H2 2019 2,385.78 32.6 % 685.08 675.5 % 1,623.57 (1.1 %) 1,658.03 (2.9 %)
H1 2020 2,384.25 19.7 % 689.31 133.3 % 1,604.54 (1.4 %) 1,670.00 (1.1 %)
H2 2020 2,521.15 5.7 % 883.91 29.0 % 1,591.36 (2.0 %) 1,646.15 (0.7 %)
H1 2021 2,548.60 6.9 % 866.91 25.8 % 1,581.60 (1.4 %) 1,710.39 2.4 %
H2 2021 3,072.59 21.9 % 1,367.33 54.7 % 1,598.63 0.5 % 1,752.78 6.5 %
H1 2022 3,052.34 19.8 % 1,360.85 57.0 % 1,579.01 (0.2 %) 1,938.44 13.3 %
H2 2022 3,074.82 0.1 % 1,439.17 5.3 % 1,531.31 (4.2 %) 1,947.69 11.1 %
H1 2023 3,069.36 0.6 % 1,418.69 4.3 % 1,523.29 (3.5 %) 1,959.25 1.1 %
H2 2023 3,040.88 (1.1 %) 1,434.64 (0.3 %) 1,467.11 (4.2 %) 1,891.30 (2.9 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 More than 100 41.40
Q2 2017 More than 100 26.55
Q4 2017 More than 100 17.20
Q2 2018 44.94 34.77
Q4 2018 21.00 17.64
Q2 2019 18.80 15.71
Q4 2019 21.10 16.18
Q2 2020 22.38 15.85
Q4 2020 32.39 21.10
Q2 2021 31.51 21.23
Q4 2021 17.52 13.26
Q2 2022 13.96 11.03
Q4 2022 19.08 14.90
Q2 2023 24.54 17.52
Q4 2023 More than 100 27.66

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2015 - - - -
H2 2015 - - - -
H1 2016 0.08 0.06 10.01 10.34
H2 2016 0.19 0.13 9.64 10.01
H1 2017 0.26 0.19 9.57 10.23
H2 2017 0.31 0.21 9.78 10.50
H1 2018 0.17 0.14 9.50 9.80
H2 2018 0.27 0.23 9.56 9.94
H1 2019 0.24 0.20 9.48 9.84
H2 2019 0.30 0.22 9.46 9.66
H1 2020 0.20 0.14 9.35 9.73
H2 2020 0.20 0.12 9.27 9.59
H1 2021 0.27 0.19 9.21 9.96
H2 2021 0.47 0.37 9.31 10.20
H1 2022 0.45 0.36 9.20 11.29
H2 2022 0.22 0.16 8.92 11.34
H1 2023 0.29 0.20 8.87 11.41
H2 2023 0.03 (0.08) 8.54 11.02

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