Al Maather REIT posts SAR 20.2 mln FFO, SAR 25.9 mln profit in H1 2023

Al Maather REIT posts SAR 20.2 mln FFO, SAR 25.9 mln profit in H1 2023

14/08/2023 Argaam Exclusive

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Al Maather REIT Fund reported a net profit of SAR 25.9 million (SAR 0.42/unit) for the first six months of 2023, surging from SAR 10.2 million in the similar period last year.
Funds from operations (FFO) stood at SAR 20.2 million in H1 2023, falling 7% from SAR 21.7 million in H1 2022.


Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 31.17 29.31 (6.0 %)
Funds from Operations(FFO) 21.69 20.16 (7.1 %)
Net Income 10.24 25.94 153.3 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.35 0.33 (7.1 %)
EPS (Riyals) 0.17 0.42 153.3 %

The profit growth was driven by a reversal of real estate impairment provision of SAR 14.9 million, compared with a provision of SAR 1.4 million a year earlier.

 

Fund management fees declined to SAR 2 million from SAR 2.9 million in H1 2022. In addition, no Zakat was recorded in H1 2023 compared with SAR 1.3 million a year before. 



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 734.80 749.96 2.1 %
Total Debt 201.07 200.44 (0.3 %)
Net assets attributable to the Unitholders Item 508.28 514.12 1.1 %
Market value of net assets 587.58 630.22 7.3 %

Net asset value (NAV) stood at SAR 514.12 million and net book value stood at SAR 8.38 per unit by the end of June 30, 2023. 

 

The market value of assets stood at SAR 630.22 million in H1 2023, with market value per unit as fair value at SAR 10.27.

 

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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 %)
H2 2022 30.56 14.6 % 21.09 4.5 % 17.97 719.6 %
H1 2023 29.31 (6.0 %) 20.16 (7.1 %) 25.94 153.3 %

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 %)
H2 2022 726.18 10.0 % 200.68 100.1 % 499.24 (6.5 %) 620.46 4.4 %
H1 2023 749.96 2.1 % 200.44 (0.3 %) 514.12 1.1 % 630.22 7.3 %

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 - -
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
Q4 2022 18.19 11.99
Q2 2023 12.58 13.39

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
H2 2022 0.34 0.29 8.13 10.11
H1 2023 0.33 0.42 8.38 10.27


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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