Alkhabeer REIT posts SAR 33.6M FFO, SAR 47.6M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Alkhabeer REIT Fund reported a net profit of SAR 47.6 million (SAR 0.34 per unit) for H1 2024, compared to SAR 17.2 million in the year-ago period.

Funds from operations (FFO) reached SAR 33.6 million in H1 2024, rising nearly 4% from SAR 32.2 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	61.72	66.25	7.3 %
Funds from Operations(FFO)	32.22	33.62	4.3 %
Net Income	17.19	47.55	176.7 %
No of shares	141.01	141.01	-
Operating EPS (Riyals)	0.23	0.24	4.3 %
EPS (Riyals)	0.12	0.34	176.7 %

This growth is attributed to profits of SAR 22 million from the sale of real estate investments during H1 2024, compared to none in the same period last year.

Rental revenues increased by 7% to SAR 66.2 million in the six-month period.

The company recorded a reversal of impairment provisions for real estate investments amounting to SAR 13.4 million, compared to SAR 6.7 million a year earlier.

This occurred despite an increase in financing costs, which reached SAR 20.3 million in H1 2024 compared to SAR 16.3 million in H1 2023.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,877.56	1,863.75	(0.7 %)
Total Debt	751.80	751.49	0.0 %
Net assets attributable to the Unitholders Item	1,057.27	1,063.55	0.6 %
Market value of net assets	1,197.07	1,225.61	2.4 %

Net asset value (NAV) stood at SAR 1.06 billion as of June 30, 2024, while net book value per unit reached SAR 7.54.

The market value of assets stood at SAR 1.22 billion as of June 30, 2024, with a market value per unit at SAR 8.69.

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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 %
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 %
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 %)
H1 2024	66.25	7.3 %	33.62	4.3 %	47.55	176.7 %

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 %)
2022	118.76	0.8 %	46.53	(1.5 %)	43.38	228.2 %
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 %
H1 2024	1,863.75	(0.7 %)	751.49	0.0 %	1,063.55	0.6 %	1,225.61	2.4 %

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 %
2022	1,883.27	(2.6 %)	753.12	(0.1 %)	1,069.70	(2.5 %)	1,187.48	0.9 %
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 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
Q2 2024	13.39	13.83

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	-	-
2019	NEG	30.40
2020	More than 100	36.50
2021	NEG	25.87
2022	24.71	23.03
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
H1 2024	0.24	0.34	7.54	8.69

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
2022	0.33	0.31	7.59	8.42
2023	0.44	0.25	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)	12.16
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

Alkhabeer REIT Fund (ALKHABEER REIT)

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Alkhabeer REIT posts SAR 33.6M FFO, SAR 47.6M net 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

Alkhabeer REIT Fund (ALKHABEER REIT)

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Alkhabeer REIT posts SAR 33.6M FFO, SAR 47.6M net 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

Alkhabeer REIT Fund (ALKHABEER REIT)

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