AlAhli REIT Fund (1) posts FFO of SAR 50.8 mln, net profit of SAR 37.8 mln in H1 2022

AlAhli REIT Fund (1) posts FFO of SAR 50.8 mln, net profit of SAR 37.8 mln in H1 2022

25/08/2022 Argaam Exclusive

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AlAhli REIT Fund (1) posted a 2% rise in H1 2022 net profit to SAR 37.8 million (SAR 0.28 per unit), compared to SAR 37.2 million a year earlier.

 

Funds from operations (FFO) grew by 2% to SAR 50.8 million in the same period, from SAR 49.9 million in H1 2021.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 88.52 92.61 4.6 %
Funds from Operations(FFO) 49.93 50.76 1.7 %
Net Income 37.16 37.82 1.8 %
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.36 0.37 1.7 %
EPS (Riyals) 0.27 0.28 1.8 %

The profit growth was triggered by a 5% increase year-on-year (YoY) in rental income and lower depreciation provisions, despite increased other expenses, finance costs and Zakat charges.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,956.60 1,954.37 (0.1 %)
Total Debt 558.22 559.08 0.2 %
Net assets attributable to the Unitholders Item 1,312.94 1,292.78 (1.5 %)
Market value of net assets 1,349.29 1,459.40 8.2 %

Net asset value (NAV) stood at SAR 1.292 billion by the end of H1 2022, while net book value per unit reached SAR 9.40.

 

The market value of assets stood at SAR 1.459 billion as of June 30, 2022, with market value per unit at SAR 10.61.

 

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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 %

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 %

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

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


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) 29.74
Current Price/FFO (X) 17.36
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) 29.74
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Share Price

AlAhli REIT Fund 1
7.19
0.06 0.84 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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