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

31/03/2024 Argaam Exclusive

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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	2022	2023	Change‬
Rental Income	143.04	154.92	8.3 %
Funds from Operations(FFO)	37.26	4.36	(88.3 %)
Net Income	27.84	(13.26)	(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 %)

Item	2023	2023	Change‬
Rental Income	152.91	154.92	1.3 %
Funds from Operations(FFO)	50.63	4.36	(91.4 %)
Net Income	34.91	(13.26)	(138.0 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.29	0.03	(91.4 %)
EPS (Riyals)	0.20	(0.08)	(138.0 %)

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.

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Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	2.28	-	(3.64)	-	(2.98)	-
H1 2016	7.84	-	3.92	-	3.16	-
H2 2016	14.17	-	9.49	-	6.72	-
2016	22.01	865.0 %	13.41	468.6 %	9.89	431.4 %
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 %
2017	38.40	74.5 %	28.29	111.0 %	20.07	103.0 %
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 %
2018	149.11	288.3 %	76.43	170.2 %	64.18	219.8 %
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 %)
2019	181.16	21.5 %	92.40	20.9 %	70.88	10.4 %
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 %)
2020	186.02	2.7 %	69.17	(25.1 %)	45.06	(36.4 %)
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 %
2021	267.48	43.8 %	127.51	84.4 %	96.55	114.3 %
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 %)
H1 2023	152.91	(0.1 %)	50.63	(33.9 %)	34.91	(42.9 %)
H2 2023	154.92	8.3 %	4.36	(88.3 %)	(13.26)	(147.6 %)
2023	307.83	4.0 %	54.99	(51.7 %)	21.65	(75.7 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2015	2.28	-	(3.64)	-	(2.98)	-
2016	22.01	865.0 %	13.41	468.6 %	9.89	431.4 %
2017	38.40	74.5 %	28.29	111.0 %	20.07	103.0 %
2018	149.11	288.3 %	76.43	170.2 %	64.18	219.8 %
2019	181.16	21.5 %	92.40	20.9 %	70.88	10.4 %
2020	186.02	2.7 %	69.17	(25.1 %)	45.06	(36.4 %)
2021	267.48	43.8 %	127.51	84.4 %	96.55	114.3 %
2022	296.09	10.7 %	113.82	(10.7 %)	88.93	(7.9 %)
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 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2015	505.83	-	-	-	497.02	-	499.28	-
2016	504.68	(0.2 %)	-	-	481.90	(3.0 %)	500.28	0.2 %
2017	717.69	42.2 %	194.92	-	488.97	1.5 %	525.06	5.0 %
2018	1,798.69	150.6 %	88.34	(54.7 %)	1,641.96	235.8 %	1,706.72	225.1 %
2019	2,385.78	32.6 %	685.08	675.5 %	1,623.57	(1.1 %)	1,658.03	(2.9 %)
2020	2,521.15	5.7 %	883.91	29.0 %	1,591.36	(2.0 %)	1,646.15	(0.7 %)
2021	3,072.59	21.9 %	1,367.33	54.7 %	1,598.63	0.5 %	1,752.78	6.5 %
2022	3,074.82	0.1 %	1,439.17	5.3 %	1,531.31	(4.2 %)	1,947.69	11.1 %
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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	More than 100	41.40
2017	More than 100	17.20
2018	21.00	17.64
2019	21.10	16.18
2020	32.39	21.10
2021	17.52	13.26
2022	19.08	14.90
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

Period	Operating EPS	EPS	Book Value	Market Value
2015	(0.07)	(0.06)	9.94	9.99
2016	0.27	0.20	9.64	10.01
2017	0.57	0.40	9.78	10.50
2018	0.45	0.37	9.56	9.94
2019	0.54	0.41	9.46	9.66
2020	0.40	0.26	9.27	9.59
2021	0.74	0.56	9.31	10.20
2022	0.66	0.52	8.92	11.34
2023	0.32	0.13	8.54	11.02

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)	20.58
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

Riyad REIT Fund (RIYAD REIT)

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

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Riyad REIT Fund (RIYAD REIT)

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