Al Rajhi REIT posts SAR 32.6 mln FFO, SAR 4 mln profit in H1 2023

Al Rajhi REIT posts SAR 32.6 mln FFO, SAR 4 mln profit in H1 2023

10/08/2023 Argaam Exclusive

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Al Rajhi REIT Fund reported a net profit of SAR 4 million (SAR 0.02 per unit) in H1 2023, compared to SAR 67.3 million (SAR 0.42 per unit) a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 79.11 79.11 0.0 %
Funds from Operations(FFO) 63.87 32.60 (49.0 %)
Net Income 67.29 4.01 (94.0 %)
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.39 0.20 (49.0 %)
EPS (Riyals) 0.42 0.02 (94.0 %)

Funds from operations (FFO) stood at SAR 32.6 million in H1 2023, compared to SAR 63.9 million in the year before.

 

This was driven by a higher cost of financing to SAR 25 million from SAR 12.8 million a year earlier. It also recorded impairment provisions at SAR 9.6 million, versus written back provisions of SAR 11.7 million a year earlier.  



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 2,191.44 3,132.85 43.0 %
Total Debt 896.40 896.40 -
Net assets attributable to the Unitholders Item 1,267.83 1,186.86 (6.4 %)
Market value of net assets 1,344.13 1,255.19 (6.6 %)

Net asset value (NAV) stood at SAR 1.18 billion in H1 2023, while the NAV per unit reached SAR 7.33. 

 

The market value of assets reached SAR 1.25 billion in H1 2023, while the per unit market value stood at SAR 7.75.

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 37.24 - 25.87 - 20.37 -
H2 2018 54.60 - 37.27 - 29.28 -
H1 2019 56.29 51.1 % 37.92 46.6 % 30.05 47.5 %
H2 2019 59.64 9.2 % 34.82 (6.6 %) 26.06 (11.0 %)
H1 2020 84.96 50.9 % 54.13 42.8 % (17.66) (158.8 %)
H2 2020 83.90 40.7 % 50.92 46.2 % 30.11 15.5 %
H1 2021 82.33 (3.1 %) 45.57 (15.8 %) (159.26) (801.9 %)
H2 2021 47.95 (42.8 %) 29.92 (41.3 %) (15.82) (152.5 %)
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 %
H1 2023 79.11 0.0 % 32.60 (49.0 %) 4.01 (94.0 %)

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 1,687.90 - 399.91 - 1,242.38 - 1,146.94 -
H2 2018 1,740.37 - 456.91 - 1,250.41 - 1,232.64 -
H1 2019 1,724.08 2.1 % 456.91 14.3 % 1,242.51 0.0 % 1,242.96 8.4 %
H2 2019 2,386.20 37.1 % 791.25 73.2 % 1,578.44 26.2 % 1,603.66 30.1 %
H1 2020 2,338.00 35.6 % 791.25 73.2 % 1,526.79 22.9 % 1,580.26 27.1 %
H2 2020 2,322.01 (2.7 %) 791.26 0.0 % 1,511.58 (4.2 %) 1,577.51 (1.6 %)
H1 2021 2,122.45 (9.2 %) 791.26 0.0 % 1,307.00 (14.4 %) 1,333.56 (15.6 %)
H2 2021 2,061.50 (11.2 %) 791.26 0.0 % 1,245.86 (17.6 %) 1,297.21 (17.8 %)
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 %
H1 2023 3,132.85 43.0 % 896.40 0.0 % 1,186.86 (6.4 %) 1,255.19 (6.6 %)

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 45.30 15.79
Q2 2019 40.42 14.14
Q4 2019 47.45 21.49
Q2 2020 More than 100 15.52
Q4 2020 More than 100 14.94
Q2 2021 NEG 19.93
Q4 2021 NEG 23.41
Q2 2022 48.84 15.74
Q4 2022 23.79 14.17
Q2 2023 More than 100 19.59

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.21 0.17 10.17 9.39
H2 2018 0.30 0.24 10.23 10.09
H1 2019 0.31 0.25 10.17 10.17
H2 2019 0.22 0.16 9.75 9.91
H1 2020 0.33 (0.11) 9.43 9.76
H2 2020 0.31 0.19 9.34 9.75
H1 2021 0.28 (0.98) 8.08 8.24
H2 2021 0.18 (0.10) 7.70 8.01
H1 2022 0.39 0.42 7.83 8.30
H2 2022 0.30 0.28 7.79 8.33
H1 2023 0.20 0.02 7.33 7.75


Financial Ratios
Current
Number of Units (Million) 275.61
Net Income/Unit ( Riyal) 0.52
Funds from operations/Unit ( Riyal) 0.55
P/E (X) (TTM) 16.25
Current Price/FFO (X) 15.44
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) 16.25
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Share Price

Al Rajhi REIT Fund
8.44
(0.15) (1.75 %)

Al Rajhi REIT Fund (Al RAJHI REIT)

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