Derayah REIT posts FFO of SAR 67.4 mln, net profit of SAR 47.2 mln in 2022
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Derayah REIT Fund recorded a 3% decline in 2022 net profit to SAR 47.2 million (SAR 0.44 per unit), compared to SAR 45.6 million a year earlier.
Funds from operations (FFO) decreased by 3% to SAR 67.4 million in 2022, from SAR 69.1 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 130.20 | 123.13 | (5.4 %) |
| Funds from Operations(FFO) | 69.14 | 67.36 | (2.6 %) |
| Net Income | 45.56 | 47.18 | 3.6 % |
| No of shares | 107.51 | 107.51 | - |
| Operating EPS (Riyals) | 0.64 | 0.63 | (2.6 %) |
| EPS (Riyals) | 0.42 | 0.44 | 3.6 % |
The fund recorded a SAR 4.52 million reversal of impairment in investment properties in the 12-month period, compared to an impairment of SAR 2.35 million a year earlier.
It also recorded a decline of SAR 4.06 million in expected credit loss provisions, from SAR 22.38 million a year earlier.
Interim Comparasion (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 65.08 | 60.84 | (6.5 %) |
| Funds from Operations(FFO) | 23.14 | 29.60 | 27.9 % |
| Net Income | 18.27 | 19.88 | 8.8 % |
| No of shares | 107.51 | 107.51 | - |
| Operating EPS (Riyals) | 0.22 | 0.28 | 27.9 % |
| EPS (Riyals) | 0.17 | 0.18 | 8.8 % |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 1,694.72 | 1,658.43 | (2.1 %) |
| Total Debt | 747.98 | 747.98 | - |
| Net assets attributable to the Unitholders Item | 910.11 | 882.04 | (3.1 %) |
| Market value of net assets | 910.75 | 900.50 | (1.1 %) |
On the other hand, finance costs increased. Derayah REIT also recorded a 5% year-on-year (YoY) decline in rental income.
Net asset value (NAV) stood at SAR 882.04 million by the end of 2022, while net book value per unit reached SAR 8.20.
The market value of assets stood at SAR 900.50 million as of Dec. 31, 2022, with market value per unit at SAR 8.38.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 62.29 | (4.4 %) | 37.76 | (17.9 %) | 27.31 | 0.0 % |
| H2 2022 | 60.84 | (6.5 %) | 29.60 | 27.9 % | 19.88 | 8.8 % |
| 2022 | 123.13 | (5.4 %) | 67.36 | (2.6 %) | 47.18 | 3.6 % |
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 2022 | 1,688.66 | (1.4 %) | 747.98 | 0.0 % | 898.71 | (3.4 %) | 898.91 | (3.6 %) |
| H2 2022 | 1,658.43 | (2.1 %) | 747.98 | 0.0 % | 882.04 | (3.1 %) | 900.50 | (1.1 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | 25.81 | 19.31 |
| Q4 2022 | 23.06 | 16.15 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.35 | 0.25 | 8.36 | 8.36 |
| H2 2022 | 0.28 | 0.18 | 8.20 | 8.38 |
| Current | |
| Number of Units (Million) | 107.51 |
| Net Income/Unit ( Riyal) | 0.37 |
| Funds from operations/Unit ( Riyal) | 0.19 |
| P/E (X) (TTM) | 16.55 |
| Current Price/FFO (X) | 32.69 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.75 |
| Asset Growth (%) | (8.74 ) |
| Revenue Growth (%) | (15.95 ) |
| Net Income Growth (%) | (14.65 ) |
| Adjusted P/E (Last12) (X) | 16.55 |
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