Al Rajhi REIT logs SAR 73.6M FFO, SAR 71.6M profit in H1 2024

11/08/2024 Argaam Exclusive

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Al Rajhi REIT Fund reported a net profit of SAR 71.6 million (SAR 0.26 per unit) for H1 2024, compared to SAR 4 million (SAR 0.02 per unit) a year earlier.

Funds from operations (FFO) jumped to SAR 73.6 million in the six-month period from SAR 32.6 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	79.11	116.83	47.7 %
Funds from Operations(FFO)	32.60	73.60	125.8 %
Net Income	4.01	71.58	1686.0 %
No of shares	161.86	275.61	70.3 %
Operating EPS (Riyals)	0.20	0.27	32.6 %
EPS (Riyals)	0.02	0.26	948.9 %

Real estate investment rental revenues improved to SAR 116.8 million in H1 2024 from SAR 79.1 million for the same period of the previous year.

The fund registered a reversal of the provision for impairment losses of SAR 19.7 million, compared to a provision of SAR 19.1 million a year ago.

This came despite achieving Murabaha revenues of SAR 3.9 million for the previous period, compared to none for the current period.

Al Rajhi REIT’s expenses increased to SAR 68.7 million for the current period, compared to SAR 52.2 million in H1 2023.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	3,132.85	3,155.52	0.7 %
Total Debt	896.40	896.40	-
Net assets attributable to the Unitholders Item	1,186.86	2,209.53	86.2 %
Market value of net assets	1,255.19	2,331.58	85.8 %

Net asset value (NAV) stood at SAR 2.20 billion as of June 30, 2024, while net book value per unit reached SAR 8.02.

The market value of assets stood at SAR 2.33 billion by the end of the six-month period, with a market value per unit at SAR 8.46.

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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	-
2018	91.84	-	63.14	-	49.65	-
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 %)
2019	115.93	26.2 %	72.74	15.2 %	56.10	13.0 %
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 %
2020	168.86	45.6 %	105.06	44.4 %	12.45	(77.8 %)
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 %)
2021	130.28	(22.8 %)	75.49	(28.1 %)	(175.08)	(1506.0 %)
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 %
H1 2023	79.11	0.0 %	32.60	(49.0 %)	4.01	(94.0 %)
H2 2023	112.96	42.9 %	77.04	60.6 %	71.54	55.1 %
2023	192.07	21.4 %	109.64	(2.0 %)	75.55	(33.4 %)
H1 2024	116.83	47.7 %	73.60	125.8 %	71.58	1686.0 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	91.84	-	63.14	-	49.65	-
2019	115.93	26.2 %	72.74	15.2 %	56.10	13.0 %
2020	168.86	45.6 %	105.06	44.4 %	12.45	(77.8 %)
2021	130.28	(22.8 %)	75.49	(28.1 %)	(175.08)	(1506.0 %)
2022	158.16	21.4 %	111.83	48.1 %	113.41	164.8 %
2023	192.07	21.4 %	109.64	(2.0 %)	75.55	(33.4 %)

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 %)
H2 2023	3,136.06	43.4 %	896.40	0.0 %	2,213.74	75.6 %	2,320.83	72.1 %
H1 2024	3,155.52	0.7 %	896.40	0.0 %	2,209.53	86.2 %	2,331.58	85.8 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,740.37	-	456.91	-	1,250.41	-	1,232.64	-
2019	2,386.20	37.1 %	791.25	73.2 %	1,578.44	26.2 %	1,603.66	30.1 %
2020	2,322.01	(2.7 %)	791.26	0.0 %	1,511.58	(4.2 %)	1,577.51	(1.6 %)
2021	2,061.50	(11.2 %)	791.26	0.0 %	1,245.86	(17.6 %)	1,297.21	(17.8 %)
2022	2,186.58	6.1 %	896.40	13.3 %	1,260.54	1.2 %	1,348.87	4.0 %
2023	3,136.06	43.4 %	896.40	0.0 %	2,213.74	75.6 %	2,320.83	72.1 %

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	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
Q4 2023	32.40	22.32
Q2 2024	15.75	14.97

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	45.30	20.92
2019	47.45	21.49
2020	More than 100	14.94
2021	NEG	23.41
2022	23.79	14.17
2023	32.40	22.32

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
H2 2023	0.28	0.26	8.03	8.42
H1 2024	0.27	0.26	8.02	8.46

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.52	0.31	7.73	10.09
2019	0.45	0.35	9.75	9.91
2020	0.65	0.08	9.34	9.75
2021	0.47	(1.08)	7.70	8.01
2022	0.69	0.70	7.79	8.33
2023	0.40	0.27	8.03	8.42

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)	16.16
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

Al Rajhi REIT Fund (Al RAJHI REIT)

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Al Rajhi REIT logs SAR 73.6M FFO, SAR 71.6M profit in H1 2024

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Al Rajhi REIT Fund (Al RAJHI REIT)

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Al Rajhi REIT logs SAR 73.6M FFO, SAR 71.6M profit in H1 2024

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Al Rajhi REIT Fund (Al RAJHI REIT)

Comments {{getCommentCount()}}

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