Alkhabeer REIT sees SAR 32.2 mln FFO, SAR 17.2 mln profit in H1 2023

Alkhabeer REIT sees SAR 32.2 mln FFO, SAR 17.2 mln profit in H1 2023

13/08/2023 Argaam Exclusive

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Alkhabeer REIT Fund reported a net profit of SAR 17.2 million (SAR 0.12 per unit) in H1 2023, down 21% from SAR 37.4 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 59.59 61.72 3.6 %
Funds from Operations(FFO) 26.70 32.22 20.7 %
Net Income 37.43 17.19 (54.1 %)
No of shares 141.01 141.01 -
Operating EPS (Riyals) 0.19 0.23 20.7 %
EPS (Riyals) 0.27 0.12 (54.1 %)

Funds from operations (FFO) rose 21% to around SAR 32.2 million in H1 2023, compared to SAR 26.7 million in the year before.

 

The lower profit was attributed to a recording reversal of impairment provisions worth SAR 6.7 million, as well as the rise in real estate management fees.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,906.69 1,877.56 (1.5 %)
Total Debt 762.60 751.80 (1.4 %)
Net assets attributable to the Unitholders Item 1,099.00 1,057.27 (3.8 %)
Market value of net assets 1,202.86 1,197.07 (0.5 %)

Net asset value (NAV) stood at SAR 1.05 billion, while the NAV per unit reached SAR 7.50.

 

The market value of assets reached SAR 1.19 billion in H1 2023, while the per unit market value stood at SAR 8.49.

 

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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 %)

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 %)

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

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


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) 12.16
Current Price/FFO (X) 12.56
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) 18.41
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Share Price

Alkhabeer REIT Fund
5.66
0.01 0.18 %

Alkhabeer REIT Fund (ALKHABEER REIT)

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