Al Maather REIT makes SAR 41.3M FFO, SAR 44.5M net profit in 2023
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Al Maather REIT Fund reported a net profit dip of 58% to SAR 44.5 million (SAR 0.73 per unit) for 2023, from SAR 28.2 million (SAR 0.46/unit) in 2022.
Funds from operations (FFO) declined by 4% to SAR 41.3 million in 2023, from SAR 42.8 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 61.73 | 61.28 | (0.7 %) |
| Funds from Operations(FFO) | 42.78 | 41.25 | (3.6 %) |
| Net Income | 28.21 | 44.52 | 57.8 % |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.70 | 0.67 | (3.6 %) |
| EPS (Riyals) | 0.46 | 0.73 | 57.8 % |
The profit increase was driven by realizing SAR 21.2 million gains in the fair value of investment properties and real estate benefits, compared to SAR 4.1 million for the same period of the previous year, in addition to lower other expenses.
This came despite a decrease in revenues, increase in fund management expenses and fund management fees, booking expected credit loss provision of SAR 1.2 million, higher real estate investment depreciation expenses and recording transaction fees of SAR 1 million.
Interim Comparasion (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Rental Income | 30.56 | 31.97 | 4.6 % |
| Funds from Operations(FFO) | 21.09 | 21.09 | 0.0 % |
| Net Income | 17.97 | 18.58 | 3.4 % |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.34 | 0.34 | 0.0 % |
| EPS (Riyals) | 0.29 | 0.30 | 3.4 % |
Balance Sheet (Million)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 726.18 | 748.93 | 3.1 % |
| Total Debt | 200.68 | 200.04 | (0.3 %) |
| Net assets attributable to the Unitholders Item | 499.24 | 513.66 | 2.9 % |
| Market value of net assets | 620.46 | 643.19 | 3.7 % |
Net asset value (NAV) stood at SAR 513.66 million as of Dec. 31, 2023, while the net book value per unit reached SAR 8.37.
The market value of assets stood at SAR 643.19 million by the end of 2023, with a market value per unit of SAR 10.48.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 29.31 | (6.0 %) | 20.16 | (7.1 %) | 25.94 | 153.3 % |
| H2 2023 | 31.97 | 4.6 % | 21.09 | 0.0 % | 18.58 | 3.4 % |
| 2023 | 61.28 | (0.7 %) | 41.25 | (3.6 %) | 44.52 | 57.8 % |
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 2023 | 749.96 | 2.1 % | 200.44 | (0.3 %) | 514.12 | 1.1 % | 630.22 | 7.3 % |
| H2 2023 | 748.93 | 3.1 % | 200.04 | (0.3 %) | 513.66 | 2.9 % | 643.19 | 3.7 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | 12.58 | 13.39 |
| Q4 2023 | 12.86 | 13.88 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.33 | 0.42 | 8.38 | 10.27 |
| H2 2023 | 0.34 | 0.30 | 8.37 | 10.48 |
| 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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