AlJazira REIT Fund posts FFO of SAR 4.2M, net profit of SAR 7.2M in 2023

AlJazira REIT Fund posts FFO of SAR 4.2M, net profit of SAR 7.2M in 2023

31/03/2024 Argaam Exclusive

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AlJazira REIT Fund posted a net profit of SAR 7.2 million (SAR 0.61 per unit) for 2023, up 27% from SAR 5.7 million (SAR 0.48 per unit) a year earlier.

 

Funds from operations (FFO) amounted to SAR 4.2 million in 2023, rising 6% compared with SAR 4 million a year before.



Financials (M)

Item 2022 2023 Change‬
Rental Income 6.03 5.98 (0.8 %)
Funds from Operations(FFO) 3.97 4.21 6.1 %
Net Income 5.70 7.25 27.3 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.34 0.36 6.1 %
EPS (Riyals) 0.48 0.61 27.3 %

The profit growth was driven by a rise in the reversal of real estate impairment provision to SAR 3.9 million, compared with a decline in the reversal of impairment provision by SAR 2.6 million. Other expenses declined.

 

However, rental revenues fell. 



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 2.95 2.99 1.4 %
Funds from Operations(FFO) 1.82 1.99 9.7 %
Net Income 3.01 4.19 39.1 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.15 0.17 9.7 %
EPS (Riyals) 0.26 0.36 39.1 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 87.13 90.59 4.0 %
Total Debt - - -
Net assets attributable to the Unitholders Item 84.78 88.01 3.8 %
Market value of net assets 84.78 88.41 4.3 %

Net asset value (NAV) in 2023 stood at SAR 88.01 million, while net book value per unit reached SAR 7.46.

 

The full-year market value of assets stood at SAR 88.40 million, with market value per unit at SAR 7.49.

 

View more financial results

 


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2017 4.00 - 3.12 - 3.12 -
H2 2017 5.01 - 3.95 - 3.17 -
H1 2018 4.75 18.7 % 3.82 22.5 % 3.41 9.3 %
H2 2018 4.81 (3.9 %) 3.74 (5.5 %) (3.01) (195.1 %)
H1 2019 2.45 (48.4 %) 1.68 (56.0 %) (2.83) (183.2 %)
H2 2019 2.72 (43.5 %) 1.91 (48.8 %) 2.60 186.2 %
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 %)
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 %
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 %
H1 2023 2.99 (3.0 %) 2.22 3.1 % 3.06 14.0 %
H2 2023 2.99 1.4 % 1.99 9.7 % 4.19 39.1 %
2023 5.98 (0.8 %) 4.21 6.1 % 7.25 27.3 %

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 %) 114.14 (1.4 %)
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 (11.9 %)
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 %
H1 2023 89.26 2.8 % - - 87.84 3.1 % 87.84 3.1 %
H2 2023 90.59 4.0 % - - 88.01 3.8 % 88.41 4.3 %

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 - -
Q2 2017 - -
Q4 2017 32.95 29.28
Q2 2018 24.95 21.10
Q4 2018 More than 100 22.52
Q2 2019 NEG 28.15
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
Q2 2023 39.77 More than 100
Q4 2023 27.44 47.22

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 0.32 0.29 10.57 10.10
H2 2018 0.32 (0.26) 9.81 9.67
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
H1 2023 0.19 0.26 7.44 7.44
H2 2023 0.17 0.36 7.46 7.49


Financial Ratios
Current
Number of Units (Million) 11.80
Net Income/Unit ( Riyal) 0.79
Funds from operations/Unit ( Riyal) 0.37
P/E (X) (TTM) 19.47
Current Price/FFO (X) 42.19
Par Value ( Riyal) 10.00
Price/book 1.95
Asset Growth (%) 6.2
Revenue Growth (%) 2.3
Net Income Growth (%) 54.2
Adjusted P/E (Last12) (X) 19.47
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Share Price

AlJazira REIT
15.44
(0.10) (0.64 %)

AlJazira REIT (ALJAZIRA REIT)

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