Al Maather REIT Fund reported a net profit of SAR 28.2 million (SAR 0.46/unit) for 2022, compared with SAR 8.4 million (SAR 0.14/unit) a year earlier, Osool & Bakheet Investment, fund manager, said in a Tadawul filing.
Funds from operations (FFO) rose 11% to SAR 42.8 million in 2022 from SAR 38.7 million in 2021.
Item | 2021 | 2022 | Change |
---|---|---|---|
Rental Income | 51.63 | 61.73 | 19.6 % |
Funds from Operations(FFO) | 38.67 | 42.78 | 10.6 % |
Net Income | 8.38 | 28.21 | 236.6 % |
No of shares | 61.37 | 61.37 | - |
Operating EPS (Riyals) | 0.63 | 0.70 | 10.6 % |
EPS (Riyals) | 0.14 | 0.46 | 236.6 % |
The earnings were driven by a 20% rise in rental revenues and a reversal of real estate investment impairments worth SAR 4.1 million, in addition to lower Zakat and tax.
Item | 2021 | 2022 | Change |
---|---|---|---|
Rental Income | 26.68 | 30.56 | 14.6 % |
Funds from Operations(FFO) | 20.18 | 21.09 | 4.5 % |
Net Income | (2.90) | 17.97 | 719.6 % |
No of shares | 61.37 | 61.37 | - |
Operating EPS (Riyals) | 0.33 | 0.34 | 4.5 % |
EPS (Riyals) | (0.05) | 0.29 | 719.6 % |
Item | 2021 | 2022 | Change |
---|---|---|---|
Total Assets | 660.03 | 726.18 | 10.0 % |
Total Debt | 100.29 | 200.68 | 100.1 % |
Net assets attributable to the Unitholders Item | 533.85 | 499.24 | (6.5 %) |
Market value of net assets | 594.60 | 620.46 | 4.3 % |
Net asset value (NAV) stood at SAR 499.24 million, while the NAV per unit reached SAR 8.13 during the year.
The market value of assets reached SAR 620.46 million, with per unit market value standing at SAR 10.11.
Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
---|---|---|---|---|---|---|
H1 2022 | 31.17 | 24.9 % | 21.69 | 17.3 % | 10.24 | (9.2 %) |
H2 2022 | 30.56 | 14.6 % | 21.09 | 4.5 % | 17.97 | 719.6 % |
2022 | 61.73 | 19.6 % | 42.78 | 10.6 % | 28.21 | 236.6 % |
Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
---|---|---|---|---|---|---|---|---|
H1 2022 | 734.80 | 11.1 % | 201.07 | 100.1 % | 508.28 | (5.3 %) | 587.58 | (1.1 %) |
H2 2022 | 726.18 | 10.0 % | 200.68 | 100.1 % | 499.24 | (6.5 %) | 620.46 | 4.4 % |
Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
---|---|---|
Q2 2022 | More than 100 | 12.75 |
Q4 2022 | 18.19 | 11.99 |
Period | Operating EPS | EPS | Book Value | Market Value |
---|---|---|---|---|
H1 2022 | 0.35 | 0.17 | 8.28 | 9.57 |
H2 2022 | 0.34 | 0.29 | 8.13 | 10.11 |
Current | |
Number of Units (Million) | 61.37 |
Net Income/Unit ( Riyal) | 0.73 |
Funds from operations/Unit ( Riyal) | 0.67 |
P/E (X) (TTM) | 11.85 |
Current Price/FFO (X) | 12.80 |
Par Value ( Riyal) | 10.00 |
Price/book | 1.03 |
Asset Growth (%) | 3.1 |
Revenue Growth (%) | (0.72 ) |
Net Income Growth (%) | 57.8 |
Adjusted P/E (Last12) (X) | 11.85 |
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