Alwaha REIT posts SAR 7M FFO, SAR 6.7M net profit in H1 2024
11/08/2024
Argaam Exclusive
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Alwaha REIT Fund reported a net profit of SAR 6.7 million (SAR 0.44 per unit) for H1 2024, compared to SAR 7.6 million in H1 2023, Wasatah Capital, the fund manager, said in a statement to Tadawul.
Funds from operations (FFO) reached SAR 7 million during the same period, 12% down compared to SAR 8 million in prior-year period.
Financials (M)
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Rental Income | 10.56 | 9.30 | (12.0 %) |
| Funds from Operations(FFO) | 7.97 | 7.01 | (12.0 %) |
| Net Income | 7.61 | 6.65 | (12.6 %) |
| No of shares | 15.00 | 15.00 | - |
| Operating EPS (Riyals) | 0.53 | 0.47 | (12.0 %) |
| EPS (Riyals) | 0.51 | 0.44 | (12.6 %) |
The profit decline was ascribed mainly to a fall in revenues from lease contracts to SAR 9.3 million, from SAR 10.6 million a year before.
Balance Sheet (Million)
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Total Assets | 162.92 | 163.11 | 0.1 % |
| Total Debt | - | - | - |
| Net assets attributable to the Unitholders Item | 157.61 | 157.82 | 0.1 % |
| Market value of net assets | 173.19 | 182.51 | 5.4 % |
Net asset value (NAV) stood at SAR 157.81 million as of June 30, 2024, while net book value per unit reached SAR 10.52.
The market value of assets stood at SAR 182.51 million as of June 30, 2024, with a market value per unit at SAR 12.17.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2024 | 9.30 | (12.0 %) | 7.01 | (12.0 %) | 6.65 | (12.6 %) |
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 2024 | 163.11 | 0.1 % | - | - | 157.82 | 0.1 % | 182.51 | 5.4 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| H1 2024 | 14.58 | 13.76 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2024 | 0.47 | 0.44 | 10.52 | 12.17 |
| Current | |
| Number of Units (Million) | 15.00 |
| Net Income/Unit ( Riyal) | 0.91 |
| Funds from operations/Unit ( Riyal) | 0.96 |
| Current Price/FFO (X) | 12.52 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.14 |
| Asset Growth (%) | - |
| Revenue Growth (%) | - |
| Net Income Growth (%) | - |
| Adjusted P/E (Last12) (X) | 13.20 |
Share Price
Alwaha REIT Fund (ALWAHA REIT)
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