AlAhli REIT 1 posts SAR 26.8M FFO, SAR 14.8M profit in H1 2024

AlAhli REIT 1 posts SAR 26.8M FFO, SAR 14.8M profit in H1 2024

11/08/2024 Argaam Exclusive

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AlAhli REIT Fund 1 reported a net profit decline of 33% to 14.8 million (SAR 0.11 per unit) in H1 2024, compared to SAR 22.1 million (SAR 0.16 per unit) in H1 2023.

 

Funds from operations (FFO) stood at SAR 26.8 million in H1 2023, versus SAR 34 million in the year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 92.53 91.55 (1.1 %)
Funds from Operations(FFO) 33.97 26.79 (21.1 %)
Net Income 22.12 14.80 (33.1 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.25 0.19 (21.1 %)
EPS (Riyals) 0.16 0.11 (33.1 %)

Fund manager SNB Capital stated a decrease in rental income from investment properties as the reason for the profit decline. In addition, the fund witnessed an increase in impairment losses in operating lease receivables to SAR 6.5 million in H1 2024, compared to SAR 3 million a year earlier.

 

The fund also reported higher operating expenses and financing costs.

 

Meanwhile, hotel operations revenues edged higher.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 2,001.43 2,016.57 0.8 %
Total Debt 648.03 680.22 5.0 %
Net assets attributable to the Unitholders Item 1,253.81 1,218.30 (2.8 %)
Market value of net assets 1,431.43 1,381.22 (3.5 %)

Net asset value (NAV) stood at SAR 1.21 billion as of June 30, 2024, while the NAV per unit reached SAR 8.86.

 

The market value of assets reached SAR 1.38 billion by the end of H1 2024, while the per unit fair value stood at SAR 10.05.

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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 %)
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 %)
H1 2024 91.55 (1.1 %) 26.79 (21.1 %) 14.80 (33.1 %)

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 %)
H1 2024 2,016.57 0.8 % 680.22 5.0 % 1,218.30 (2.8 %) 1,381.22 (3.5 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2024 31.81 18.57

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
H1 2024 0.19 0.11 8.86 10.05


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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