AlAhli REIT Fund (1) posts FFO of SAR 92 mln, profit at SAR 66.1 mln in 2022

AlAhli REIT Fund (1) posts FFO of SAR 92 mln, profit at SAR 66.1 mln in 2022

30/03/2023 Argaam Exclusive

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AlAhli REIT Fund (1) posted a 12% fall in 2022’s net profit to SAR 66.1 million (SAR 0.48 per unit), compared to SAR 75.4 million a year earlier. 

 

Funds from operations (FFO) fell by 9% to SAR 92 million in the same period, from SAR 101.4 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Rental Income 183.41 185.12 0.9 %
Funds from Operations(FFO) 101.37 91.94 (9.3 %)
Net Income 75.42 66.12 (12.3 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.74 0.67 (9.3 %)
EPS (Riyals) 0.55 0.48 (12.3 %)

Profits dropped on a 48% hike in finance costs, as well as high other operating expenses, fund management fees, and Zakat and taxes.

 

The fund, however, reported a lower real estate depreciation and a slight rise in rental income.



Interim Comparasion (M)

Compared With The
Item 2021 2022 Change‬
Rental Income 94.89 92.51 (2.5 %)
Funds from Operations(FFO) 51.44 41.18 (20.0 %)
Net Income 38.26 28.29 (26.1 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.37 0.30 (20.0 %)
EPS (Riyals) 0.28 0.21 (26.1 %)

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 1,936.75 1,936.69 0.0 %
Total Debt 558.73 589.20 5.5 %
Net assets attributable to the Unitholders Item 1,303.08 1,272.94 (2.3 %)
Market value of net assets 1,332.05 1,439.71 8.1 %

Net asset value (NAV) stood at SAR 1.27 billion by the end of 2022, while net book value per unit reached SAR 9.26.

 

The market value of assets stood at SAR 1.43 billion as of Dec. 31, 2022, with market value per unit at SAR 10.47.

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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 %
H1 2022 92.61 4.6 % 50.76 1.7 % 37.82 1.8 %
H2 2022 92.51 (2.5 %) 41.18 (20.0 %) 28.29 (26.1 %)
2022 185.12 0.9 % 91.94 (9.3 %) 66.12 (12.3 %)

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 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 %)
H1 2022 1,954.37 (0.1 %) 559.08 0.2 % 1,292.78 (1.5 %) 1,459.40 8.2 %
H2 2022 1,936.69 0.0 % 589.20 5.5 % 1,272.94 (2.3 %) 1,439.71 8.1 %

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 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
Q2 2022 18.54 13.80
Q4 2022 21.00 15.11

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
H1 2022 0.37 0.28 9.40 10.61
H2 2022 0.30 0.21 9.26 10.47


Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.29
Funds from operations/Unit ( Riyal) 0.47
P/E (X) (TTM) 25.73
Current Price/FFO (X) 16.28
Par Value ( Riyal) 10.00
Price/book 0.84
Asset Growth (%) 2.5
Revenue Growth (%) (1.11 )
Net Income Growth (%) (38.66 )
Adjusted P/E (Last12) (X) 25.73
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Share Price

AlAhli REIT Fund 1
7.59
(0.05) (0.65 %)

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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