AlAhli REIT Fund (1) posts FFO of SAR 101.4 mln, net profit of SAR 75.4 mln in 2021

AlAhli REIT Fund (1) posts FFO of SAR 101.4 mln, net profit of SAR 75.4 mln in 2021

31/03/2022 Argaam Exclusive

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AlAhli REIT Fund (1) posted a net profit of SAR 75.4 million (SAR 0.55 per unit) for 2021, compared to SAR 14.7 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 101.4 million in 2021, compared with SAR 63.6 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 141.31 183.41 29.8 %
Funds from Operations(FFO) 63.62 101.37 59.3 %
Net Income 14.72 75.42 412.2 %
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.46 0.74 59.3 %
EPS (Riyals) 0.11 0.55 412.2 %

The profit was attributed to higher property revenue and a decline in operating expenses.

 

This was offset by higher management fees, and financing charges.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 78.24 94.89 21.3 %
Funds from Operations(FFO) 33.92 51.44 51.6 %
Net Income 13.10 38.26 192.0 %
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.25 0.37 51.6 %
EPS (Riyals) 0.10 0.28 192.0 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,903.40 1,936.75 1.8 %
Total Debt 515.00 558.73 8.5 %
Net assets attributable to the Unitholders Item 1,320.47 1,303.08 (1.3 %)
Market value of net assets 1,361.35 1,332.05 (2.2 %)

Net asset value (NAV) in 2021 stood at SAR 1.303 billion, while net book value per unit reached SAR 9.5.

 

The full-year market value of assets stood at SAR 1.332 billion, with market value per unit at SAR 9.69.

 

View more financial results

 


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 75.60 - 47.47 - 37.14 -
H2 2018 72.73 - 39.76 - 29.52 -
H1 2019 70.41 (6.9 %) 40.85 (13.9 %) 30.74 (17.2 %)
H2 2019 81.29 11.8 % 37.91 (4.7 %) 29.29 (0.8 %)
H1 2020 63.07 (10.4 %) 29.69 (27.3 %) 1.62 (94.7 %)
H2 2020 78.24 (3.7 %) 33.92 (10.5 %) 13.10 (55.3 %)
H1 2021 88.52 40.4 % 49.93 68.2 % 37.16 2193.6 %
H2 2021 94.89 21.3 % 51.44 51.6 % 38.26 192.0 %
2021 183.41 29.8 % 101.37 59.3 % 75.42 412.2 %

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 2018 1,464.37 - - - 1,412.14 - 1,389.48 -
H2 2018 1,450.19 - - - 1,396.97 - 1,416.96 -
H1 2019 1,430.55 (2.3 %) - - 1,383.02 (2.1 %) 1,379.00 (0.8 %)
H2 2019 1,694.37 16.8 % 253.05 - 1,367.62 (2.1 %) 1,396.62 (1.4 %)
H1 2020 1,905.15 33.2 % 501.63 - 1,324.56 (4.2 %) 1,318.00 (4.4 %)
H2 2020 1,903.40 12.3 % 515.00 103.5 % 1,320.47 (3.4 %) 1,361.35 (2.5 %)
H1 2021 1,956.60 2.7 % 558.22 11.3 % 1,312.94 (0.9 %) 1,349.29 2.4 %
H2 2021 1,936.75 1.8 % 558.73 8.5 % 1,303.08 (1.3 %) 1,332.05 (2.2 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 16.01 12.23
Q2 2019 18.94 14.16
Q4 2019 21.76 16.59
Q2 2020 38.88 17.78
Q4 2020 More than 100 19.28
Q2 2021 34.31 20.56
Q4 2021 20.78 15.46

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.35 0.27 10.27 10.11
H2 2018 0.29 0.21 10.16 10.31
H1 2019 0.30 0.22 10.06 10.03
H2 2019 0.28 0.21 9.95 10.16
H1 2020 0.22 0.01 9.63 9.59
H2 2020 0.25 0.10 9.60 9.90
H1 2021 0.36 0.27 9.55 9.81
H2 2021 0.37 0.28 9.48 9.69


Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.24
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 29.62
Current Price/FFO (X) 17.29
Par Value ( Riyal) 10.00
Price/book 0.81
Asset Growth (%) 0.8
Revenue Growth (%) (1.60 )
Net Income Growth (%) (34.07 )
Adjusted P/E (Last12) (X) 29.62
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Share Price

AlAhli REIT Fund 1
7.17
0.04 0.56 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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