Al Rajhi REIT’s 2022 FFO up 48% to SAR 111.8 mln, profit at SAR 113.4 mln
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Al Rajhi REIT Fund recorded a net profit of SAR 113.4 million (SAR 0.70 per unit) in 2022, compared to SAR 175.1 million net loss a year earlier.
Funds from operations (FFO) climbed 48% to SAR 111.8 million in the 12-month period, from SAR 75.5 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 130.28 | 158.16 | 21.4 % |
| Funds from Operations(FFO) | 75.49 | 111.83 | 48.1 % |
| Net Income | (175.08) | 113.41 | 164.8 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.47 | 0.69 | 48.1 % |
| EPS (Riyals) | (1.08) | 0.70 | 164.8 % |
The fund reported a 21% rise year-on-year (YoY) in rental income from real estate investments.
It also recorded a reversal of expected credit loss of SAR 12.2 million in 2022, compared to a credit loss impairment of SAR 10.1 million a year earlier. In addition, the fund saw a reversal of asset impairment provisions at SAR 29.7 million, versus loss provisions of SAR 227.1 million a year earlier.
On the other hand, other expenses increased. The cost of finance rose by 56% YoY.
Interim Comparasion (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Rental Income | 47.95 | 79.05 | 64.9 % |
| Funds from Operations(FFO) | 29.92 | 47.96 | 60.3 % |
| Net Income | (15.82) | 46.12 | 391.5 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.18 | 0.30 | 60.3 % |
| EPS (Riyals) | (0.10) | 0.28 | 391.5 % |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 2,061.50 | 2,186.58 | 6.1 % |
| Total Debt | 791.26 | 896.40 | 13.3 % |
| Net assets attributable to the Unitholders Item | 1,245.86 | 1,260.54 | 1.2 % |
| Market value of net assets | 1,297.21 | 1,348.87 | 4.0 % |
Net asset value (NAV) stood at SAR 1.26 billion by the end of 2022, while net book value per unit reached SAR 7.79.
The market value of assets stood at SAR 1.34 billion as of Dec. 31, 2022, with market value per unit at SAR 8.33.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 79.11 | (3.9 %) | 63.87 | 40.2 % | 67.29 | 142.3 % |
| H2 2022 | 79.05 | 64.9 % | 47.96 | 60.3 % | 46.12 | 391.5 % |
| 2022 | 158.16 | 21.4 % | 111.83 | 48.1 % | 113.41 | 164.8 % |
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 | 2,191.44 | 3.3 % | 896.40 | 13.3 % | 1,267.83 | (3.0 %) | 1,344.13 | 0.8 % |
| H2 2022 | 2,186.58 | 6.1 % | 896.40 | 13.3 % | 1,260.54 | 1.2 % | 1,348.87 | 4.0 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | 48.84 | 15.74 |
| Q4 2022 | 23.79 | 14.17 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.39 | 0.42 | 7.83 | 8.30 |
| H2 2022 | 0.30 | 0.28 | 7.79 | 8.33 |
| Current | |
| Number of Units (Million) | 275.61 |
| Net Income/Unit ( Riyal) | 0.52 |
| Funds from operations/Unit ( Riyal) | 0.55 |
| P/E (X) (TTM) | 16.16 |
| Current Price/FFO (X) | 15.35 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.05 |
| Asset Growth (%) | 0.7 |
| Revenue Growth (%) | 45.3 |
| Net Income Growth (%) | 185.5 |
| Adjusted P/E (Last12) (X) | 16.16 |
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