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

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 - - - - - -
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 %

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 %

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

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


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) 19.54
Current Price/FFO (X) 42.36
Par Value ( Riyal) 10.00
Price/book 1.96
Asset Growth (%) 6.2
Revenue Growth (%) 2.3
Net Income Growth (%) 54.2
Adjusted P/E (Last12) (X) 19.54
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Share Price

AlJazira REIT
15.50
(0.10) (0.64 %)

AlJazira REIT (ALJAZIRA REIT)

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