Alkhabeer REIT posts 2% decline in 2022 FFO to SAR 46.5 mln, SAR 43.4 mln net profit
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Alkhabeer REIT Fund swung to a net profit of SAR 43.4 million in 2022, against a net loss of SAR 33.8 million a year earlier.
Funds from operations (FFO) went 2% lower to SAR 46.5 million in the 12-month period, from SAR 47.3 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 117.78 | 118.76 | 0.8 % |
| Funds from Operations(FFO) | 47.25 | 46.53 | (1.5 %) |
| Net Income | (33.83) | 43.38 | 228.2 % |
| No of shares | 141.01 | 141.01 | 0.0 % |
| Operating EPS (Riyals) | 0.34 | 0.33 | (1.5 %) |
| EPS (Riyals) | (0.24) | 0.31 | 228.2 % |
The fund recorded a reversal of impairment in real estate investments of SAR 40.25 million in 2022, compared to a provision of SAR 41.14 million a year earlier.
It also reported a decline in other expenses and a slight rise in rental income. On the other hand, Alkhabeer REIT Fund recorded higher fund management and custodian fees, finance costs and depreciation of real estate investments
Interim Comparasion (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 63.13 | 59.17 | (6.3 %) |
| Funds from Operations(FFO) | 16.20 | 19.83 | 22.4 % |
| Net Income | (16.37) | 5.95 | 136.3 % |
| No of shares | 141.01 | 141.01 | 0.0 % |
| Operating EPS (Riyals) | 0.11 | 0.14 | 22.4 % |
| EPS (Riyals) | (0.12) | 0.04 | 136.3 % |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 1,933.64 | 1,883.27 | (2.6 %) |
| Total Debt | 753.88 | 753.12 | (0.1 %) |
| Net assets attributable to the Unitholders Item | 1,096.83 | 1,069.70 | (2.5 %) |
| Market value of net assets | 1,177.20 | 1,187.48 | 0.9 % |
In Q4 2022, net losses decreased by 67.9% to SAR 3.6 million, from SAR 11.2 million in Q4 2021.
The company recorded a profit of SAR 911,000 in Q3 2022.
Total shareholders’ equity, after minority interest, decreased to SAR 184.9 million as of Dec. 31, 2022, from SAR 207.9 million a year earlier.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 59.59 | 9.0 % | 26.70 | (14.0 %) | 37.43 | 314.4 % |
| H2 2022 | 59.17 | (6.3 %) | 19.83 | 22.4 % | 5.95 | 136.3 % |
| 2022 | 118.76 | 0.8 % | 46.53 | (1.5 %) | 43.38 | 228.2 % |
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 | 1,906.69 | (4.3 %) | 762.60 | 0.0 % | 1,099.00 | 35.2 % | 1,202.86 | 39.2 % |
| H2 2022 | 1,883.27 | (2.6 %) | 753.12 | (0.1 %) | 1,069.70 | (2.5 %) | 1,187.48 | 0.9 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | More than 100 | 26.59 |
| Q4 2022 | 24.71 | 23.03 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.19 | 0.27 | 7.79 | 8.53 |
| H2 2022 | 0.14 | 0.04 | 7.59 | 8.42 |
| Current | |
| Number of Units (Million) | 141.01 |
| Net Income/Unit ( Riyal) | 0.25 |
| Funds from operations/Unit ( Riyal) | 0.44 |
| P/E (X) (TTM) | 24.72 |
| Current Price/FFO (X) | 14.00 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.83 |
| Asset Growth (%) | (1.20 ) |
| Revenue Growth (%) | 4.2 |
| Net Income Growth (%) | (19.00 ) |
| Adjusted P/E (Last12) (X) | 24.72 |
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