Derayah REIT makes SAR20.45M FFO, SAR 40.4M net profit in 2023

Derayah REIT makes SAR20.45M FFO, SAR 40.4M net profit in 2023

31/03/2024 Argaam Exclusive

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Derayah REIT Fund reported a net profit dip of 15% to SAR 40.3 million (SAR 0.37 per unit) for 2023, from SAR 47.2 million in 2022.

 

Funds from operations (FFO) dropped by 70% to SAR 20.4 million in 2023, from SAR 67.4 million in 2022



Financials (M)

Item 2022 2023 Change‬
Rental Income 123.13 103.49 (16.0 %)
Funds from Operations(FFO) 67.36 20.39 (69.7 %)
Net Income 47.18 40.27 (14.7 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.63 0.19 (69.7 %)
EPS (Riyals) 0.44 0.37 (14.7 %)

The annual earnings were hurt by a decline in rents from investments properties.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 60.84 54.22 (10.9 %)
Funds from Operations(FFO) 29.60 8.73 (70.5 %)
Net Income 19.88 42.54 114.0 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.28 0.08 (70.5 %)
EPS (Riyals) 0.18 0.40 114.0 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,658.43 1,513.47 (8.7 %)
Total Debt 747.98 607.98 (18.7 %)
Net assets attributable to the Unitholders Item 882.04 884.48 0.3 %
Market value of net assets 900.50 946.74 5.1 %

Net asset value (NAV) stood at SAR 884.47 million as of Dec. 31, 2023, while the net book value per unit reached SAR 8.23.

 

The market value of assets stood at SAR 946.73 million by the end of 2023, with a market value per unit of SAR 8.81.

 

View more financial results

 


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 36.95 - 27.56 - 21.56 -
H2 2018 46.98 - 28.59 - 14.91 -
H1 2019 59.36 60.7 % 37.23 35.1 % 25.35 17.6 %
H2 2019 61.83 31.6 % 43.69 52.8 % (5.13) (134.4 %)
H1 2020 56.55 (4.7 %) 37.40 0.5 % 7.55 (70.2 %)
H2 2020 64.84 4.9 % 39.71 (9.1 %) 7.37 243.6 %
H1 2021 65.13 15.2 % 45.99 23.0 % 27.29 261.4 %
H2 2021 65.08 0.4 % 23.14 (41.7 %) 18.27 147.8 %
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 %
H1 2023 49.27 (20.9 %) 11.66 (69.1 %) (2.26) (108.3 %)
H2 2023 54.22 (10.9 %) 8.73 (70.5 %) 42.54 114.0 %
2023 103.49 (16.0 %) 20.39 (69.7 %) 40.27 (14.7 %)

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 1,206.20 - 96.94 - 1,085.63 - 1,112.55 -
H2 2018 1,571.75 - 470.13 - 1,061.62 - 1,070.60 -
H1 2019 1,554.56 28.9 % 474.41 389.4 % 1,046.76 (3.6 %) 1,041.87 (6.4 %)
H2 2019 1,609.36 2.4 % 579.98 23.4 % 1,001.42 (5.7 %) 1,003.34 (6.3 %)
H1 2020 1,573.84 1.2 % 589.40 24.2 % 968.76 (7.5 %) 990.80 (4.9 %)
H2 2020 1,725.48 7.2 % 747.98 29.0 % 944.53 (5.7 %) 961.54 (4.2 %)
H1 2021 1,711.90 8.8 % 747.98 26.9 % 930.54 (3.9 %) 932.87 (5.8 %)
H2 2021 1,694.72 (1.8 %) 747.98 0.0 % 910.11 (3.6 %) 910.75 (5.3 %)
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 %)
H1 2023 1,637.41 (3.0 %) 747.98 0.0 % 852.68 (5.1 %) 905.35 0.7 %
H2 2023 1,513.47 (8.7 %) 607.98 (18.7 %) 884.48 0.3 % 946.74 5.1 %

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 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93
Q4 2020 More than 100 15.61
Q2 2021 41.06 16.61
Q4 2021 29.97 19.75
Q2 2022 25.81 19.31
Q4 2022 23.06 16.15
Q2 2023 More than 100 25.09
Q4 2023 22.02 43.50

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.26 0.20 10.10 10.35
H2 2018 0.27 0.14 9.87 9.96
H1 2019 0.35 0.24 9.74 9.69
H2 2019 0.41 (0.05) 9.31 9.33
H1 2020 0.35 0.07 9.01 9.22
H2 2020 0.37 0.07 8.79 8.94
H1 2021 0.43 0.25 8.66 8.68
H2 2021 0.22 0.17 8.47 8.47
H1 2022 0.35 0.25 8.36 8.36
H2 2022 0.28 0.18 8.20 8.38
H1 2023 0.11 (0.02) 7.93 8.42
H2 2023 0.08 0.40 8.23 8.81


Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.88
Current Price/FFO (X) 27.31
Par Value ( Riyal) 10.00
Price/book 0.73
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.88
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Share Price

Derayah REIT Fund
6.03
0.00 0.00 %

Derayah REIT Fund (DERAYAH REIT)

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