AlAhli REIT 1 posts SAR 34 mln FFO, SAR 22.1 mln profit in H1 2023

AlAhli REIT 1 posts SAR 34 mln FFO, SAR 22.1 mln profit in H1 2023

10/08/2023 Argaam Exclusive

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AlAhli REIT Fund 1 reported a net profit drop of 42% to SAR 22.1 million (SAR 0.16 per unit) in H1 2023, compared to SAR 37.8 million a year earlier.

 

Funds from operations (FFO) stood at almost SAR 34 million in H1 2023, decreasing 33.1% from SAR 50.76 million in the year before.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 92.61 92.53 (0.1 %)
Funds from Operations(FFO) 50.76 33.97 (33.1 %)
Net Income 37.82 22.12 (41.5 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.37 0.25 (33.1 %)
EPS (Riyals) 0.28 0.16 (41.5 %)

The lower profit was attributed to a rise in finance costs to SAR 18.1 million in H1 2023 from SAR 7.5 million in H1 2022.

 

Other operating expenses increased as the operating expenses of malls rose to SAR 17 million. Lower rental income also weighed on the six-month results.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,954.37 2,001.43 2.4 %
Total Debt 559.08 648.03 15.9 %
Net assets attributable to the Unitholders Item 1,292.78 1,253.81 (3.0 %)
Market value of net assets 1,459.40 1,431.43 (1.9 %)

Net asset value (NAV) stood at SAR 1.25 billion as of June 30, 2023, while the NAV per unit reached SAR 9.12. 

 

The market value of assets reached SAR 1.43 billion by the end of H1 2023, while the per unit fair value stood at SAR 10.41.

 

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 %
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 %)
H1 2023 92.53 (0.1 %) 33.97 (33.1 %) 22.12 (41.5 %)

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 %)

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

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


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
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Share Price

AlAhli REIT Fund 1
7.13
0.00 0.00 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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