Al Maather REIT Fund posts FFO of SAR 21.7 mln, net profit of SAR 10.2 mln in H1 2022

Al Maather REIT Fund posts FFO of SAR 21.7 mln, net profit of SAR 10.2 mln in H1 2022

17/08/2022 Argaam Exclusive

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Al Maather REIT Fund posted a net profit of SAR 10.2 million (SAR 0.17 per unit) for H1 2022, a 9% decline compared to SAR 11.3 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 21.7 million in H1 2022, compared with SAR 18.5 million in H1 2021.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 24.95 31.17 24.9 %
Funds from Operations(FFO) 18.49 21.69 17.3 %
Net Income 11.28 10.24 (9.2 %)
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.30 0.35 17.3 %
EPS (Riyals) 0.18 0.17 (9.2 %)

The profit decline was attributed to higher fund management fees, other expenses, and Zakat charges.

  

The fund booked SAR 1.4 million in provision for impairment loss on investment properties compared to reversing a provision for impairment in investment real estate of SAR 1 million.

 

Meanwhile, depreciation expenses and financing charges increased in H1 2022 compared to the same period a year earlier.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 661.16 734.80 11.1 %
Total Debt 100.46 201.07 100.1 %
Net assets attributable to the Unitholders Item 536.75 508.28 (5.3 %)
Market value of net assets 593.93 587.58 (1.1 %)

Net asset value (NAV) as of June 30, 2022, stood at SAR 508.279 million, while net book value per unit reached SAR 8.28.

 

The market value of assets stood at SAR 587.58 million as of June 2022-end, with market value per unit at SAR 9.57.

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 25.89 - 20.66 - 13.69 -
H2 2018 26.41 - 20.77 - (9.29) -
H1 2019 25.61 (1.1 %) 20.85 0.9 % 14.06 2.8 %
H2 2019 27.68 4.8 % 19.65 (5.4 %) 7.34 179.0 %
H1 2020 26.78 4.6 % 10.16 (51.3 %) 3.90 (72.3 %)
H2 2020 24.48 (11.6 %) 15.83 (19.5 %) (11.26) (253.5 %)
H1 2021 24.95 (6.8 %) 18.49 81.9 % 11.28 189.6 %
H2 2021 26.68 9.0 % 20.18 27.5 % (2.90) 74.2 %
H1 2022 31.17 24.9 % 21.69 17.3 % 10.24 (9.2 %)

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 2017 - - - - - - - -
H2 2017 - - - - - - - -
H1 2018 643.58 - - - 621.99 - 599.21 -
H2 2018 635.68 - - - 612.70 - 615.74 -
H1 2019 611.15 (5.0 %) 6.68 - 587.48 (5.5 %) 595.52 (0.6 %)
H2 2019 646.58 1.7 % 28.06 - 594.82 (2.9 %) 602.71 (2.1 %)
H1 2020 639.92 4.7 % 60.47 805.4 % 560.67 (4.6 %) 578.45 (2.9 %)
H2 2020 668.84 3.4 % 90.68 223.2 % 549.41 (7.6 %) 544.47 (9.7 %)
H1 2021 661.16 3.3 % 100.46 66.1 % 536.75 (4.3 %) 593.93 2.7 %
H2 2021 660.03 (1.3 %) 100.29 10.6 % 533.85 (2.8 %) 594.60 9.2 %
H1 2022 734.80 11.1 % 201.07 100.1 % 508.28 (5.3 %) 587.58 (1.1 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 More than 100 11.27
Q2 2019 More than 100 11.32
Q4 2019 25.15 13.29
Q2 2020 39.72 14.97
Q4 2020 NEG 21.02
Q2 2021 More than 100 16.81
Q4 2021 More than 100 14.22
Q2 2022 More than 100 12.75

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - - -
H1 2018 0.34 0.22 10.14 9.76
H2 2018 0.34 (0.15) 9.98 10.03
H1 2019 0.34 0.23 9.57 9.70
H2 2019 0.32 0.12 9.69 9.82
H1 2020 0.17 0.06 9.14 9.43
H2 2020 0.26 (0.18) 8.95 8.87
H1 2021 0.30 0.18 8.75 9.68
H2 2021 0.33 (0.05) 8.70 9.69
H1 2022 0.35 0.17 8.28 9.57


Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.67
Funds from operations/Unit ( Riyal) 0.70
P/E (X) (TTM) 14.05
Current Price/FFO (X) 13.36
Par Value ( Riyal) 10.00
Price/book 1.12
Asset Growth (%) (1.11 )
Revenue Growth (%) 5.9
Net Income Growth (%) (6.46 )
Adjusted P/E (Last12) (X) 14.05
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Share Price

AL Maather REIT Fund
9.40
0.05 0.53 %

AL Maather REIT Fund (AL MAATHER REIT)

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