AlAhli REIT (1) logs SAR 64.1M FFO, SAR 40.6M net profit in 2023
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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)
| Item | 2022 | 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 %) |
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.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 92.53 | (0.1 %) | 33.96 | (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 %) |
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 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 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | 25.64 | 17.20 |
| Q4 2023 | 30.68 | 19.41 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.25 | 0.16 | 9.12 | 10.41 |
| H2 2023 | 0.22 | 0.13 | 9.00 | 10.28 |
| 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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