Al Maather REIT logs SAR 22.1M FFO, SAR 22.5M net profit in H1 2024

Al Maather REIT logs SAR 22.1M FFO, SAR 22.5M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Al Maather REIT Fund posted a net profit drop of 13% to SAR 22.5 million (SAR 0.37 per unit) in H1 2024, from SAR 25.9 million in the corresponding period of 2023.
 
Funds from operations (FFO) grew 10% to nearly SAR 22.1 million in the six-month period, from SAR 20.2 million in H1 2023.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 29.31 31.43 7.3 %
Funds from Operations(FFO) 20.16 22.09 9.6 %
Net Income 25.94 22.49 (13.3 %)
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.33 0.36 9.6 %
EPS (Riyals) 0.42 0.37 (13.3 %)
The decline in H1 2024 net profit was ascribed to lower profit from investment properties and other revenues.


Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 749.96 741.61 (1.1 %)
Total Debt 200.44 199.77 (0.3 %)
Net assets attributable to the Unitholders Item 514.12 515.93 0.4 %
Market value of net assets 630.22 658.73 4.5 %
Net asset value (NAV) in H1 2024 stood at SAR 515.93 million, while net book value per unit reached SAR 8.41. 
 
The market value of assets stood at SAR 658.72 million, with market value per unit at SAR 10.73.
 

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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 %
H2 2023 31.97 4.6 % 21.09 0.0 % 18.58 3.4 %
H1 2024 31.43 7.3 % 22.09 9.6 % 22.49 (13.3 %)

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 %
H2 2023 748.93 3.1 % 200.04 (0.3 %) 513.66 2.9 % 643.19 3.7 %
H1 2024 741.61 (1.1 %) 199.77 (0.3 %) 515.93 0.4 % 658.73 4.5 %

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 - -
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
Q4 2023 12.86 13.88
Q2 2024 13.16 12.52

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
H2 2023 0.34 0.30 8.37 10.48
H1 2024 0.36 0.37 8.41 10.73


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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