Riyad REIT posts FFO of SAR 113.8 mln, net profit of SAR 88.9 mln in 2022

Riyad REIT posts FFO of SAR 113.8 mln, net profit of SAR 88.9 mln in 2022

30/03/2023 Argaam Exclusive

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Riyad REIT Fund recorded an 8% decline in 2022 net profit to SAR 88.9 million (SAR 0.52 per unit), compared to SAR 96.6 million a year earlier.

 

Funds from operations (FFO) dropped  21% to SAR 113.8 million in the 12-month period, from SAR 127.5 million in 2021. 



Financials (M)

Item 2021 2022 Change‬
Rental Income 267.48 296.09 10.7 %
Funds from Operations(FFO) 127.51 113.82 (10.7 %)
Net Income 96.55 88.93 (7.9 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.74 0.66 (10.7 %)
EPS (Riyals) 0.56 0.52 (7.9 %)

The fund reported higher management fees, general and administrative expenses, and finance costs.

 

It also recorded higher expected credit loss provisions of SAR 2.3 million in 2022, compared to SAR 1.7 million a year earlier.



Interim Comparasion (M)

Compared With The
Item 2021 2022 Change‬
Rental Income 158.30 143.04 (9.6 %)
Funds from Operations(FFO) 80.92 37.26 (54.0 %)
Net Income 63.38 27.84 (56.1 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.47 0.22 (54.0 %)
EPS (Riyals) 0.37 0.16 (56.1 %)

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 3,072.59 3,074.82 0.1 %
Total Debt 1,367.33 1,439.17 5.3 %
Net assets attributable to the Unitholders Item 1,598.63 1,531.31 (4.2 %)
Market value of net assets 1,752.78 1,947.69 11.1 %

On the other hand, the fund reported a rise in rental income, a capital gain of SAR 20.53 million on sale of a property in the US and lower real estate management expenses. 

 

Net asset value (NAV) stood at SAR 1.53 billion by the end of 2022. Net book value per unit reached SAR 8.92. 

 

The market value of assets stood at SAR 1.94 billion as of Dec. 31, 2022, with market value per unit at SAR 11.34.

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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 %)
2022 296.09 10.7 % 113.82 (10.7 %) 88.93 (7.9 %)

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 %

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 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

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


Financial Ratios
Current
Number of Units (Million) 171.69
Net Income/Unit ( Riyal) 0.13
Funds from operations/Unit ( Riyal) 0.32
P/E (X) (TTM) More than 100
Current Price/FFO (X) 20.45
Par Value ( Riyal) 9.51
Price/book 0.77
Asset Growth (%) (1.10 )
Revenue Growth (%) 4.0
Net Income Growth (%) (75.65 )
Adjusted P/E (Last12) (X) More than 100
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Share Price

Riyad REIT Fund
6.55
(0.04) (0.61 %)

Riyad REIT Fund (RIYAD REIT)

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