AlJazira REIT’s 2022 FFO up 19% to SAR 4 mln, net profit rises to SAR 5.7 mln

29/03/2023 Argaam Exclusive

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AlJazira REIT Fund recorded a 33% leap in 2022 net profit to SAR 5.7 million (SAR 0.48 per unit), compared to SAR 4.3 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Rental Income	5.24	6.03	15.0 %
Funds from Operations(FFO)	3.33	3.97	19.3 %
Net Income	4.29	5.70	32.7 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.28	0.34	19.3 %
EPS (Riyals)	0.36	0.48	32.7 %

Funds from operations (FFO) climbed 19% to SAR 4 million in the 12-month period, from SAR 3.3 million in 2021.

The fund reported a 15% rise year-on-year (YoY) in rental income from real estate investments.

It also recorded a reversal of impairment in investment properties of SAR 2.6 million in 2022, compared to a reversal of SAR 1.9 million a year earlier. On the other hand, other expenses increased.

Net asset value (NAV) stood at SAR 84.77 million by the end of 2022, while net book value per unit reached SAR 7.18.

Interim Comparasion (M)

Compared With The

Item	2021	2022	Change‬
Rental Income	2.71	2.95	8.6 %
Funds from Operations(FFO)	1.47	1.82	23.5 %
Net Income	1.69	3.01	78.6 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.12	0.15	23.5 %
EPS (Riyals)	0.14	0.26	78.6 %

Item	2022	2022	Change‬
Rental Income	3.08	2.95	(4.4 %)
Funds from Operations(FFO)	2.16	1.82	(15.8 %)
Net Income	2.68	3.01	12.4 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.18	0.15	(15.8 %)
EPS (Riyals)	0.23	0.26	12.4 %

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	85.22	87.13	2.2 %
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	82.53	84.78	2.7 %
Market value of net assets	82.53	84.78	2.7 %

The market value of assets stood at SAR 84.77 million as of Dec. 31, 2022, with market value per unit at SAR 7.18.

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Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	7.02	-	3.66	-	3.69	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	7.78	10.8 %	3.69	1.0 %	3.76	1.8 %
H1 2017	4.00	-	3.12	-	3.12	-
H2 2017	5.01	-	3.95	-	3.17	-
2017	9.01	-	7.07	-	6.29	-
H1 2018	4.75	18.7 %	4.21	35.0 %	3.41	9.3 %
H2 2018	-	-	-	-	-	-
2018	9.56	6.1 %	7.53	6.5 %	0.37	(94.1 %)
H1 2019	2.45	(48.4 %)	1.68	(60.1 %)	(2.83)	(183.2 %)
H2 2019	2.72	-	1.91	-	2.60	-
2019	5.17	(45.9 %)	3.59	(52.3 %)	(0.24)	(164.0 %)
H1 2020	3.10	26.5 %	(2.03)	(220.5 %)	(5.29)	(86.5 %)
H2 2020	2.97	9.3 %	0.77	(59.5 %)	(18.61)	(816.6 %)
2020	6.07	17.4 %	(1.25)	(134.8 %)	(23.90)	(10,025.4 %)
H1 2021	2.53	(18.5 %)	1.86	191.8 %	2.60	149.3 %
H2 2021	2.71	(8.8 %)	1.47	89.9 %	1.69	109.1 %
2021	5.24	(13.8 %)	3.33	366.3 %	4.29	118.0 %
H1 2022	3.08	21.9 %	2.16	15.9 %	2.68	3.0 %
H2 2022	2.95	8.6 %	1.82	23.5 %	3.01	78.6 %
2022	6.03	15.0 %	3.97	19.3 %	5.70	32.7 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2014	7.02	-	3.66	-	3.69	-
2015	7.78	10.8 %	3.69	1.0 %	3.76	1.8 %
2017	9.01	-	7.07	-	6.29	-
2018	9.56	6.1 %	7.53	6.5 %	0.37	(94.1 %)
2019	5.17	(45.9 %)	3.59	(52.3 %)	(0.24)	(164.0 %)
2020	6.07	17.4 %	(1.25)	(134.8 %)	(23.90)	(10,025.4 %)
2021	5.24	(13.8 %)	3.33	366.3 %	4.29	118.0 %
2022	6.03	15.0 %	3.97	19.3 %	5.70	32.7 %

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 2014	-	-	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-	-	-
H1 2017	124.78	-	-	-	121.12	-	120.02	-
H2 2017	123.71	-	-	-	121.34	-	115.76	-
H1 2018	127.32	2.0 %	-	-	124.74	3.0 %	119.24	(0.7 %)
H2 2018	118.17	(4.5 %)	-	-	115.80	(4.6 %)	-	-
H1 2019	115.05	(9.6 %)	-	-	107.07	(14.2 %)	103.44	(13.3 %)
H2 2019	111.85	(5.3 %)	-	-	109.67	(5.3 %)	100.61	-
H1 2020	105.41	(8.4 %)	-	-	104.38	(2.5 %)	95.25	(7.9 %)
H2 2020	84.44	(24.5 %)	-	-	82.23	(25.0 %)	82.23	(18.3 %)
H1 2021	87.34	(17.1 %)	-	-	84.83	(18.7 %)	84.10	(11.7 %)
H2 2021	85.22	0.9 %	-	-	82.53	0.4 %	82.53	0.4 %
H1 2022	86.85	(0.6 %)	-	-	85.22	0.4 %	85.22	1.3 %
H2 2022	87.13	2.2 %	-	-	84.78	2.7 %	84.78	2.7 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2014	120.36	-	55.58	-	59.69	-	64.49	-
2015	118.54	(1.5 %)	55.58	0.0 %	58.87	(1.4 %)	66.25	2.7 %
2017	123.71	-	-	-	121.34	-	115.76	-
2018	118.17	(4.5 %)	-	-	115.80	(4.6 %)	114.14	(1.4 %)
2019	111.85	(5.3 %)	-	-	109.67	(5.3 %)	100.61	(11.9 %)
2020	84.44	(24.5 %)	-	-	82.23	(25.0 %)	82.23	(18.3 %)
2021	85.22	0.9 %	-	-	82.53	0.4 %	82.53	0.4 %
2022	87.13	2.2 %	-	-	84.78	2.7 %	84.78	2.7 %

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	32.95	29.28
Q2 2018	24.95	20.10
Q4 2018	49.93	-
Q2 2019	NEG	More than 100
Q4 2019	NEG	41.00
Q2 2020	NEG	NEG
Q4 2020	NEG	NEG
Q2 2021	NEG	More than 100
Q4 2021	More than 100	More than 100
Q2 2022	48.94	More than 100
Q4 2022	36.96	More than 100

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	32.95	29.28
2018	More than 100	22.60
2019	NEG	41.01
2020	NEG	NEG
2021	More than 100	More than 100
2022	36.96	More than 100

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2017	0.26	0.26	10.26	10.17
H2 2017	0.34	0.27	10.28	9.81
H1 2018	0.36	0.29	10.57	10.10
H2 2018	-	-	9.81	-
H1 2019	0.14	(0.24)	9.07	8.77
H2 2019	0.16	0.22	9.29	8.53
H1 2020	(0.17)	(0.45)	8.85	8.07
H2 2020	0.07	(1.58)	6.97	6.97
H1 2021	0.16	0.22	7.19	7.13
H2 2021	0.12	0.14	6.99	6.99
H1 2022	0.18	0.23	7.22	7.22
H2 2022	0.15	0.26	7.18	7.18

Period	Operating EPS	EPS	Book Value	Market Value
2014	6.53	6.59	106.59	115.17
2015	6.59	6.71	105.13	118.31
2017	0.60	0.53	10.28	9.81
2018	0.64	0.03	9.81	9.67
2019	0.30	(0.02)	9.29	8.53
2020	(0.11)	(2.03)	6.97	6.97
2021	0.28	0.36	6.99	6.99
2022	0.34	0.48	7.18	7.18

Financial Ratios

	Current
Number of Units (Million)	11.80
Net Income/Unit ( Riyal)	0.61
Funds from operations/Unit ( Riyal)	0.36
P/E (X) (TTM)	27.31
Current Price/FFO (X)	47.00
Par Value ( Riyal)	10.00
Price/book	2.25
Asset Growth (%)	4.0
Revenue Growth (%)	(0.81 )
Net Income Growth (%)	27.3
Adjusted P/E (Last12) (X)	27.31

AlJazira REIT (ALJAZIRA REIT)

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AlJazira REIT’s 2022 FFO up 19% to SAR 4 mln, net profit rises to SAR 5.7 mln

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

AlJazira REIT (ALJAZIRA REIT)

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