Riyad REIT posts SAR 50.6 mln FFO, SAR 34.9 mln profit in H1 2023

Riyad REIT posts SAR 50.6 mln FFO, SAR 34.9 mln profit in H1 2023

14/08/2023 Argaam Exclusive

View other reports

Riyad REIT Fund reported a net profit of SAR 34.9 million (SAR 0.20 per unit) in H1 2023, down 43% from SAR 61.1 million a year earlier. 

 

Funds from operations (FFO) dropped 34% to SAR 50.6 million in H1 2023, compared to SAR 76.6 million in the year before. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 153.05 152.91 (0.1 %)
Funds from Operations(FFO) 76.56 50.63 (33.9 %)
Net Income 61.09 34.91 (42.9 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.45 0.29 (33.9 %)
EPS (Riyals) 0.36 0.20 (42.9 %)

The lower profit was attributed to a rise in the cost of finance as well as an increase in other operating expenses.  

 

Meanwhile, rental income increased to SAR 119.7 million in the current period, from SAR 99.9 million in the same period last year. However, this was offset by a decrease in profit achieved from investments at fair value.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 3,052.34 3,069.36 0.6 %
Total Debt 1,360.85 1,418.69 4.3 %
Net assets attributable to the Unitholders Item 1,579.01 1,523.29 (3.5 %)
Market value of net assets 1,938.44 1,959.25 1.1 %

Net asset value (NAV) stood at SAR 1.52 billion, while the NAV per unit reached SAR 8.87.

 

The net market value of assets reached SAR 1.95 billion in H1 2023, while the per unit market value stood at SAR 11.41.

 

View more financial results

 


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 %)
H1 2023 152.91 (0.1 %) 50.63 (33.9 %) 34.91 (42.9 %)

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 %
H1 2023 3,069.36 0.6 % 1,418.69 4.3 % 1,523.29 (3.5 %) 1,959.25 1.1 %

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

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


Financial Ratios
Current
Number of Units (Million) 171.70
Net Income/Unit ( Riyal) (0.04 )
Funds from operations/Unit ( Riyal) 0.15
P/E (X) (TTM) NEG
Current Price/FFO (X) 41.49
Par Value ( Riyal) 9.51
Price/book 0.75
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
more

Share Price

Riyad REIT Fund
6.36
0.02 0.32 %

Riyad REIT Fund (RIYAD REIT)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.