Alkhabeer REIT posts FFO of SAR 27 mln, net profit of SAR 37.4 mln in H1 2022

24/08/2022 Argaam Exclusive

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Alkhabeer REIT Fund swung to a net profit of SAR 37.4 million (SAR 0.27 per unit) in the first half of 2022, against a net loss of SAR 17.4 million a year earlier.

Funds from operations (FFO) stood at SAR 27 million in the six-month period, a drop of 14% from SAR 31.1 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	54.65	59.59	9.0 %
Funds from Operations(FFO)	31.05	26.70	(14.0 %)
Net Income	(17.46)	37.43	314.4 %
No of shares	102.97	141.01	36.9 %
Operating EPS (Riyals)	0.30	0.19	(37.2 %)
EPS (Riyals)	(0.17)	0.27	256.6 %

The positive results were driven by a 9% rise year-on-year (YoY) in rental income. The fund cited a reversal of SAR 32.42 million impairment of real estate investments, compared to a provision of SAR 30.2 million in H1 2021. Lower finance costs also lifted the six-month results.

On the other hand, the fund recorded a credit loss provision of SAR 6 million in H1 2022, and reported higher depreciation of real estate investments.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	1,992.64	1,906.69	(4.3 %)
Total Debt	762.37	762.60	0.0 %
Net assets attributable to the Unitholders Item	812.96	1,099.00	35.2 %
Market value of net assets	864.16	1,202.86	39.2 %

Net asset value (NAV) stood at SAR 1.099 billion by the end of H1 2022, while net book value per unit reached SAR 7.79.

The market value of assets stood at SAR 1.202 billion as of June 30, 2022, with market value per unit at SAR 8.53.

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Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2019	29.03	-	(5.92)	-	(21.47)	-
H2 2019	43.15	-	29.74	-	(42.90)	-
2019	72.18	-	23.82	-	(64.37)	-
H1 2020	36.92	27.1 %	25.86	537.2 %	29.54	237.6 %
H2 2020	51.32	18.9 %	0.63	(97.9 %)	(28.41)	33.8 %
2020	88.23	22.2 %	26.49	11.2 %	1.13	101.8 %
H1 2021	54.65	48.0 %	31.05	20.1 %	(17.46)	(159.1 %)
H2 2021	63.13	23.0 %	16.20	2483.7 %	(16.37)	42.4 %
2021	117.78	33.5 %	47.25	78.4 %	(33.83)	(3093.9 %)
H1 2022	59.59	9.0 %	26.70	(14.0 %)	37.43	314.4 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2019	72.18	-	23.82	-	(64.37)	-
2020	88.23	22.2 %	26.49	11.2 %	1.13	101.8 %
2021	117.78	33.5 %	47.25	78.4 %	(33.83)	(3093.9 %)

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 2019	995.99	-	346.92	-	642.95	-	680.62	-
H2 2019	956.10	-	364.83	-	571.75	-	600.36	-
H1 2020	986.97	(0.9 %)	364.31	5.0 %	588.00	(8.5 %)	596.49	(12.4 %)
H2 2020	1,678.20	75.5 %	763.16	109.2 %	856.15	49.7 %	896.80	49.4 %
H1 2021	1,992.64	101.9 %	762.37	109.3 %	812.96	38.3 %	864.16	44.9 %
H2 2021	1,933.64	15.2 %	753.88	(1.2 %)	1,096.83	28.1 %	1,177.20	31.3 %
H1 2022	1,906.69	(4.3 %)	762.60	0.0 %	1,099.00	35.2 %	1,202.86	39.2 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2019	956.10	-	364.83	-	571.75	-	600.36	-
2020	1,678.20	75.5 %	763.16	109.2 %	856.15	49.7 %	896.80	49.4 %
2021	1,933.64	15.2 %	753.88	(1.2 %)	1,096.83	28.1 %	1,177.20	31.3 %

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
Q2 2013	-	-
Q4 2013	-	-
Q2 2014	-	-
Q4 2014	-	-
Q2 2015	-	-
Q4 2015	-	-
Q2 2016	-	-
Q4 2016	-	-
Q2 2017	-	-
Q4 2017	-	-
Q2 2018	-	-
Q4 2018	-	-
Q2 2019	-	-
Q4 2019	NEG	30.41
Q2 2020	NEG	9.81
Q4 2020	More than 100	36.50
Q2 2021	NEG	31.59
Q4 2021	NEG	25.87
Q2 2022	More than 100	26.59

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	-	-
2019	NEG	30.40
2020	More than 100	36.50
2021	NEG	25.87

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2019	(0.09)	(0.32)	9.68	10.24
H2 2019	0.45	(0.65)	8.61	9.04
H1 2020	0.39	0.44	8.85	8.98
H2 2020	0.01	(0.28)	8.31	8.71
H1 2021	0.30	(0.17)	7.89	8.39
H2 2021	0.11	(0.12)	7.78	8.35
H1 2022	0.19	0.27	7.79	8.53

Period	Operating EPS	EPS	Book Value	Market Value
2019	0.36	(0.97)	8.61	9.04
2020	0.26	0.01	8.31	8.71
2021	0.34	(0.24)	7.78	8.35

Financial Ratios

	Current
Number of Units (Million)	141.01
Net Income/Unit ( Riyal)	0.46
Funds from operations/Unit ( Riyal)	0.45
P/E (X) (TTM)	12.23
Current Price/FFO (X)	12.63
Par Value ( Riyal)	10.00
Price/book	0.75
Asset Growth (%)	(0.74 )
Revenue Growth (%)	6.1
Net Income Growth (%)	183.1
Adjusted P/E (Last12) (X)	18.51

Alkhabeer REIT Fund (ALKHABEER REIT)

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Alkhabeer REIT posts FFO of SAR 27 mln, net profit of SAR 37.4 mln in H1 2022

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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

Alkhabeer REIT Fund (ALKHABEER REIT)

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Alkhabeer REIT posts FFO of SAR 27 mln, net profit of SAR 37.4 mln in H1 2022

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

Alkhabeer REIT Fund (ALKHABEER REIT)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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