AlJazira REIT logs SAR 2.2 mln FFO, SAR 3.1 mln net profit in H1 2023

14/08/2023 Argaam Exclusive

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AlJazira REIT Fund reported a net profit of SAR 3.1 million (SAR 0.26 per unit) for the first half of 2023, a 14% increase from SAR 2.7 million a year earlier, AlJazira Capital, the fund manager, said in a statement to Tadawul.

Funds from operations (FFO) reached nearly SAR 2.22 million during the six-month period, up 3.1% from SAR 2.16 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	3.08	2.99	(3.0 %)
Funds from Operations(FFO)	2.16	2.22	3.1 %
Net Income	2.68	3.06	14.0 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.18	0.19	3.1 %
EPS (Riyals)	0.23	0.26	14.0 %

This improvement was due to a reversal of impairment in investment properties worth SAR 1.3 million in H1 2023, versus SAR 946,000 in the year-ago period. Additionally, other operating expenses retreated from SAR 530,000 in H1 2023 to SAR 360,000 by the end of the first half of this year, despite a 3% YoY pullback in revenue.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	86.85	89.26	2.8 %
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	85.22	87.84	3.1 %
Market value of net assets	85.22	87.84	3.1 %

Net asset value (NAV) stood at SAR 87.84 million by the end of H1 2023, while net book value per unit reached SAR 7.44.

The market value of assets stood at SAR 87.84 million as of June 30, 2023, with a market value per unit of SAR 7.44.

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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 %
H1 2023	2.99	(3.0 %)	2.22	3.1 %	3.06	14.0 %

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 %
H1 2023	89.26	2.8 %	-	-	87.84	3.1 %	87.84	3.1 %

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 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
Q2 2023	39.77	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
H1 2023	0.19	0.26	7.44	7.44

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)	27.34
Current Price/FFO (X)	47.05
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)	27.34

AlJazira REIT (ALJAZIRA REIT)

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AlJazira REIT logs SAR 2.2 mln FFO, SAR 3.1 mln net profit in H1 2023

View other reports

Financials (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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