Alkhabeer REIT posts SAR 62M FFO, SAR 35.1M net profit in 2023

Alkhabeer REIT posts SAR 62M FFO, SAR 35.1M net profit in 2023

30/03/2024 Argaam Exclusive

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Alkhabeer REIT Fund reported a net profit of SAR 35.1 million (SAR 0.25 per unit) for 2023, compared to SAR 43.4 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Rental Income 118.76 123.72 4.2 %
Funds from Operations(FFO) 46.53 62.02 33.3 %
Net Income 43.38 35.14 (19.0 %)
No of shares 141.01 141.01 -
Operating EPS (Riyals) 0.33 0.44 33.3 %
EPS (Riyals) 0.31 0.25 (19.0 %)

Funds from operations (FFO) reached nearly SAR 62 million, rising nearly 33% from SAR 46.5 million in 2022.

 

Net asset value (NAV) stood at SAR 1.04 billion as of Dec. 31, 2023, while net book value per unit reached SAR 7.42.

 

The market value of assets stood at SAR 1.19 billion as of Dec. 31, 2023, with a market value per unit at SAR 8.46.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 59.17 62.00 4.8 %
Funds from Operations(FFO) 19.83 29.80 50.3 %
Net Income 5.95 17.95 201.7 %
No of shares 141.01 141.01 -
Operating EPS (Riyals) 0.14 0.21 50.3 %
EPS (Riyals) 0.04 0.13 201.7 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,883.27 1,860.58 (1.2 %)
Total Debt 753.12 752.33 (0.1 %)
Net assets attributable to the Unitholders Item 1,069.70 1,045.61 (2.3 %)
Market value of net assets 1,187.48 1,192.82 0.4 %

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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) -
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 %
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 %
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 %
H1 2023 61.72 3.6 % 32.22 20.7 % 17.19 (54.1 %)
H2 2023 62.00 4.8 % 29.80 50.3 % 17.95 201.7 %
2023 123.72 4.2 % 62.02 33.3 % 35.14 (19.0 %)

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 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 %
H2 2022 1,883.27 (2.6 %) 753.12 (0.1 %) 1,069.70 (2.5 %) 1,187.48 0.9 %
H1 2023 1,877.56 (1.5 %) 751.80 (1.4 %) 1,057.27 (3.8 %) 1,197.07 (0.5 %)
H2 2023 1,860.58 (1.2 %) 752.33 (0.1 %) 1,045.61 (2.3 %) 1,192.82 0.5 %

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 - -
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
Q4 2022 24.71 23.03
Q2 2023 41.38 18.39
Q4 2023 24.72 14.00

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
H2 2022 0.14 0.04 7.59 8.42
H1 2023 0.23 0.12 7.50 8.49
H2 2023 0.21 0.13 7.42 8.46


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
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Share Price

Alkhabeer REIT Fund
5.68
(0.05) (0.87 %)

Alkhabeer REIT Fund (ALKHABEER REIT)

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