Alkhabeer REIT posts SAR 33.6M FFO, SAR 47.6M net profit in H1 2024

11/08/2024 Argaam Exclusive

Alkhabeer REIT Fund reported a net profit of SAR 47.6 million (SAR 0.34 per unit) for H1 2024, compared to SAR 17.2 million in the year-ago period.

 

Funds from operations (FFO) reached SAR 33.6 million in H1 2024, rising nearly 4% from SAR 32.2 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 61.72 66.25 7.3 %
Funds from Operations(FFO) 32.22 33.62 4.3 %
Net Income 17.19 47.55 176.7 %
No of shares 141.01 141.01 -
Operating EPS (Riyals) 0.23 0.24 4.3 %
EPS (Riyals) 0.12 0.34 176.7 %

This growth is attributed to profits of SAR 22 million from the sale of real estate investments during H1 2024, compared to none in the same period last year.

 

Rental revenues increased by 7% to SAR 66.2 million in the six-month period.

 

The company recorded a reversal of impairment provisions for real estate investments amounting to SAR 13.4 million, compared to SAR 6.7 million a year earlier.

 

This occurred despite an increase in financing costs, which reached SAR 20.3 million in H1 2024 compared to SAR 16.3 million in H1 2023.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 1,877.56 1,863.75 (0.7 %)
Total Debt 751.80 751.49 0.0 %
Net assets attributable to the Unitholders Item 1,057.27 1,063.55 0.6 %
Market value of net assets 1,197.07 1,225.61 2.4 %

Net asset value (NAV) stood at SAR 1.06 billion as of June 30, 2024, while net book value per unit reached SAR 7.54.

 

The market value of assets stood at SAR 1.22 billion as of June 30, 2024, with a market value per unit at SAR 8.69.

 

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Share Price

Alkhabeer REIT Fund
5.65
0.07 1.25 %

Alkhabeer REIT Fund (ALKHABEER REIT)

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Financial Ratios
Current
Number of Units (Million) 141.01
Net Income/Unit ( Riyal) 0.46
Funds from operations/Unit ( Riyal) 0.45
P/E (X) (TTM) 12.16
Current Price/FFO (X) 12.56
Par Value ( Riyal) 10.00
Price/book 0.75
Asset Growth (%) (0.74 )
Revenue Growth (%) 6.1
Net Income Growth (%) 183.1
Adjusted P/E (Last12) (X) 18.41
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2019 29.03 - (5.92) - (21.47) -
H2 2019 43.15 - 29.74 - (42.90) -
H1 2020 36.92 27.1 % 25.86 537.2 % 29.54 237.6 %
H2 2020 51.32 18.9 % 0.63 (97.9 %) (28.41) 33.8 %
H1 2021 54.65 48.0 % 31.05 20.1 % (17.46) (159.1 %)
H2 2021 63.13 23.0 % 16.20 2483.7 % (16.37) 42.4 %
H1 2022 59.59 9.0 % 26.70 (14.0 %) 37.43 314.4 %
H2 2022 59.17 (6.3 %) 19.83 22.4 % 5.95 136.3 %
H1 2023 61.72 3.6 % 32.22 20.7 % 17.19 (54.1 %)
H2 2023 62.00 4.8 % 29.80 50.3 % 17.95 201.7 %
H1 2024 66.25 7.3 % 33.62 4.3 % 47.55 176.7 %

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 2019 995.99 - 346.92 - 642.95 - 680.62 -
H2 2019 956.10 - 364.83 - 571.75 - 600.36 -
H1 2020 986.97 (0.9 %) 364.31 5.0 % 588.00 (8.5 %) 596.49 (12.4 %)
H2 2020 1,678.20 75.5 % 763.16 109.2 % 856.15 49.7 % 896.80 49.4 %
H1 2021 1,992.64 101.9 % 762.37 109.3 % 812.96 38.3 % 864.16 44.9 %
H2 2021 1,933.64 15.2 % 753.88 (1.2 %) 1,096.83 28.1 % 1,177.20 31.3 %
H1 2022 1,906.69 (4.3 %) 762.60 0.0 % 1,099.00 35.2 % 1,202.86 39.2 %
H2 2022 1,883.27 (2.6 %) 753.12 (0.1 %) 1,069.70 (2.5 %) 1,187.48 0.9 %
H1 2023 1,877.56 (1.5 %) 751.80 (1.4 %) 1,057.27 (3.8 %) 1,197.07 (0.5 %)
H2 2023 1,860.58 (1.2 %) 752.33 (0.1 %) 1,045.61 (2.3 %) 1,192.82 0.5 %
H1 2024 1,863.75 (0.7 %) 751.49 0.0 % 1,063.55 0.6 % 1,225.61 2.4 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 - -
Q2 2019 - -
Q4 2019 NEG 30.41
Q2 2020 NEG 9.81
Q4 2020 More than 100 36.50
Q2 2021 NEG 31.59
Q4 2021 NEG 25.87
Q2 2022 More than 100 26.59
Q4 2022 24.71 23.03
Q2 2023 41.38 18.39
Q4 2023 24.72 14.00
Q2 2024 13.39 13.83

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2019 (0.09) (0.32) 9.68 10.24
H2 2019 0.45 (0.65) 8.61 9.04
H1 2020 0.39 0.44 8.85 8.98
H2 2020 0.01 (0.28) 8.31 8.71
H1 2021 0.30 (0.17) 7.89 8.39
H2 2021 0.11 (0.12) 7.78 8.35
H1 2022 0.19 0.27 7.79 8.53
H2 2022 0.14 0.04 7.59 8.42
H1 2023 0.23 0.12 7.50 8.49
H2 2023 0.21 0.13 7.42 8.46
H1 2024 0.24 0.34 7.54 8.69

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