AlJazira REIT’s H1 2024 FFO grows 5% to SAR 2.3M; net profit up 69% to SAR 5.2M

AlJazira REIT’s H1 2024 FFO grows 5% to SAR 2.3M; net profit up 69% to SAR 5.2M

11/08/2024 Argaam Exclusive

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AlJazira REIT Fund reported a net profit of SAR 5.2 million (SAR 0.44 per unit) for H1 2024, leaping by 69% from SAR 3.1 million in H1 2023.

 

Funds from operations (FFO) increased 5% to SAR 2.3 million in H1 2024, from SAR 2.2 million in the same period a year ago.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 2.99 3.08 3.1 %
Funds from Operations(FFO) 2.22 2.33 4.7 %
Net Income 3.06 5.17 69.0 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.19 0.20 4.7 %
EPS (Riyals) 0.26 0.44 69.0 %

The annual profit rise was driven by a 3% year-on-year (YoY) hike in the first-half lease revenues to SAR 3.1 million, coupled with the reversal of an impairment provision worth SAR 3.1 million, lower other expenses and generating unrealized gains from investments listed at fair value during the six-month period.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 89.26 94.77 6.2 %
Total Debt - - -
Net assets attributable to the Unitholders Item 87.84 93.18 6.1 %
Market value of net assets 87.84 93.78 6.8 %

Net asset value (NAV) stood at SAR 93.2 million as of June 30, 2024, while the net book value per unit reached SAR 7.9.

 

The market value of assets stood at SAR 93.8 million by the end of H1 2024, with a market value per unit of SAR 7.95.

 

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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 %
H2 2023 2.99 1.4 % 1.99 9.7 % 4.19 39.1 %
H1 2024 3.08 3.1 % 2.33 4.7 % 5.17 69.0 %

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 %
H2 2023 90.59 4.0 % - - 88.01 3.8 % 88.41 4.3 %
H1 2024 94.77 6.2 % - - 93.18 6.1 % 93.78 6.8 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2024 20.55 44.54

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
H1 2024 0.20 0.44 7.90 7.95


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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