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

24/08/2022 Argaam Exclusive

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.



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.

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 %

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Share Price

Alkhabeer REIT Fund
5.68
(0.05) (0.87 %)

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) 12.23
Current Price/FFO (X) 12.63
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) 18.51
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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 %

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 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
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

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

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