AlAhli REIT (1) logs SAR 64.1M FFO, SAR 40.6M net profit in 2023

31/03/2024 Argaam Exclusive

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AlAhli REIT Fund (1) reported a net profit of SAR 40.6 million (SAR 0.29 per unit) for 2023, down 39% from SAR 66.1 million (SAR 0.48 per unit) a year earlier.

Funds from operations (FFO) slumped 30% to nearly SAR 64.1 million in 2023, from SAR 91.9 million in the year before.

Financials (M)

Item	2022	2023	Change‬
Rental Income	185.12	183.06	(1.1 %)
Funds from Operations(FFO)	91.94	64.12	(30.3 %)
Net Income	66.12	40.56	(38.7 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.67	0.47	(30.3 %)
EPS (Riyals)	0.48	0.29	(38.7 %)

The annual profit drop was attributed to the decrease in rental income from investment properties. This is besides the rise in impairment losses in the value of receivables from operating lease contracts to SAR 8.5 million in 2023, compared to SAR 4 million a year ago.

In addition, other expenses and operating expenses, as well as financing costs, soared in 2023. This came despite increased revenues from hotel operations, along with recording a Zakat provision of SAR 2 million in 2022, compared to none for 2023.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	92.51	90.53	(2.1 %)
Funds from Operations(FFO)	41.18	30.16	(26.8 %)
Net Income	28.29	18.44	(34.8 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.30	0.22	(26.8 %)
EPS (Riyals)	0.21	0.13	(34.8 %)

Item	H1 2023	H2 2023	Change‬
Rental Income	92.53	90.53	(2.2 %)
Funds from Operations(FFO)	33.97	30.16	(11.2 %)
Net Income	22.12	18.44	(16.7 %)
No of shares	137.50	137.50	-
Operating EPS (Riyals)	0.25	0.22	(11.2 %)
EPS (Riyals)	0.16	0.13	(16.7 %)

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,936.69	1,985.32	2.5 %
Total Debt	589.20	660.01	12.0 %
Net assets attributable to the Unitholders Item	1,272.94	1,237.88	(2.8 %)
Market value of net assets	1,439.71	1,413.56	(1.8 %)

The net asset value (NAV) stood at SAR 1.23 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 9.

The market value of assets stood at SAR 1.41 billion as of Dec. 31, 2023, with a market value per unit at SAR 10.28.

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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	-
2018	148.33	-	87.23	-	66.66	-
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 %)
2019	151.70	2.3 %	78.76	(9.7 %)	60.03	(10.0 %)
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 %)
2020	141.31	(6.8 %)	63.62	(19.2 %)	14.72	(75.5 %)
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 %
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 %)
H1 2023	92.53	(0.1 %)	33.97	(33.1 %)	22.12	(41.5 %)
H2 2023	90.53	(2.1 %)	30.16	(26.8 %)	18.44	(34.8 %)
2023	183.06	(1.1 %)	64.12	(30.3 %)	40.56	(38.7 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	148.33	-	87.23	-	66.66	-
2019	151.70	2.3 %	78.76	(9.7 %)	60.03	(10.0 %)
2020	141.31	(6.8 %)	63.62	(19.2 %)	14.72	(75.5 %)
2021	183.41	29.8 %	101.37	59.3 %	75.42	412.2 %
2022	185.12	0.9 %	91.94	(9.3 %)	66.12	(12.3 %)
2023	183.06	(1.1 %)	64.12	(30.3 %)	40.56	(38.7 %)

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 %
H1 2023	2,001.43	2.4 %	648.03	15.9 %	1,253.81	(3.0 %)	1,431.43	(1.9 %)
H2 2023	1,985.32	2.5 %	660.01	12.0 %	1,237.88	(2.8 %)	1,413.56	(1.8 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,450.19	-	-	-	1,396.97	-	1,416.96	-
2019	1,694.37	16.8 %	253.05	-	1,367.62	(2.1 %)	1,396.62	(1.4 %)
2020	1,903.40	12.3 %	515.00	103.5 %	1,320.47	(3.4 %)	1,361.35	(2.5 %)
2021	1,936.75	1.8 %	558.73	8.5 %	1,303.08	(1.3 %)	1,332.05	(2.2 %)
2022	1,936.69	0.0 %	589.20	5.5 %	1,272.94	(2.3 %)	1,439.71	8.1 %
2023	1,985.32	2.5 %	660.01	12.0 %	1,237.88	(2.8 %)	1,413.56	(1.8 %)

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	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
Q2 2023	25.64	17.20
Q4 2023	30.68	19.40

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	16.01	12.23
2019	21.76	16.59
2020	More than 100	19.28
2021	20.78	15.46
2022	21.00	15.11
2023	30.68	19.41

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
H1 2023	0.25	0.16	9.12	10.41
H2 2023	0.22	0.13	9.00	10.28

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.63	0.48	10.16	10.31
2019	0.57	0.44	9.95	10.16
2020	0.46	0.11	9.60	9.90
2021	0.74	0.55	9.48	9.69
2022	0.67	0.48	9.26	10.47
2023	0.47	0.29	9.00	10.28

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)	29.50
Current Price/FFO (X)	17.21
Par Value ( Riyal)	10.00
Price/book	0.80
Asset Growth (%)	0.8
Revenue Growth (%)	(1.60 )
Net Income Growth (%)	(34.07 )
Adjusted P/E (Last12) (X)	29.50

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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AlAhli REIT (1) logs SAR 64.1M FFO, SAR 40.6M net profit in 2023

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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AlAhli REIT (1) logs SAR 64.1M FFO, SAR 40.6M net profit in 2023

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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