Al Maather REIT posts SAR 42.8 mln FFO, SAR 28.2 mln net profit in 2022

30/03/2023 Argaam Exclusive

Al Maather REIT Fund reported a net profit of SAR 28.2 million (SAR 0.46/unit) for 2022, compared with SAR 8.4 million (SAR 0.14/unit) a year earlier, Osool & Bakheet Investment, fund manager, said in a Tadawul filing.

 

Funds from operations (FFO) rose 11% to SAR 42.8 million in 2022 from SAR 38.7 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Rental Income 51.63 61.73 19.6 %
Funds from Operations(FFO) 38.67 42.78 10.6 %
Net Income 8.38 28.21 236.6 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.63 0.70 10.6 %
EPS (Riyals) 0.14 0.46 236.6 %

The earnings were driven by a 20% rise in rental revenues and a reversal of real estate investment impairments worth SAR 4.1 million, in addition to lower Zakat and tax.



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 26.68 30.56 14.6 %
Funds from Operations(FFO) 20.18 21.09 4.5 %
Net Income (2.90) 17.97 719.6 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.33 0.34 4.5 %
EPS (Riyals) (0.05) 0.29 719.6 %

Net asset value (NAV) stood at SAR 499.24 million, while the NAV per unit reached SAR 8.13 during the year.

 

The market value of assets reached SAR 620.46 million, with per unit market value standing at SAR 10.11.

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 660.03 726.18 10.0 %
Total Debt 100.29 200.68 100.1 %
Net assets attributable to the Unitholders Item 533.85 499.24 (6.5 %)
Market value of net assets 594.60 620.46 4.3 %

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Share Price

AL Maather REIT Fund
9.47
0.04 0.42 %

AL Maather REIT Fund (AL MAATHER REIT)

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Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.67
Funds from operations/Unit ( Riyal) 0.70
P/E (X) (TTM) 14.15
Current Price/FFO (X) 13.46
Par Value ( Riyal) 10.00
Price/book 1.13
Asset Growth (%) (1.11 )
Revenue Growth (%) 5.9
Net Income Growth (%) (6.46 )
Adjusted P/E (Last12) (X) 14.15
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 25.89 - 20.66 - 13.69 -
H2 2018 26.41 - 20.77 - (9.29) -
H1 2019 25.61 (1.1 %) 20.85 0.9 % 14.06 2.8 %
H2 2019 27.68 4.8 % 19.65 (5.4 %) 7.34 179.0 %
H1 2020 26.78 4.6 % 10.16 (51.3 %) 3.90 (72.3 %)
H2 2020 24.48 (11.6 %) 15.83 (19.5 %) (11.26) (253.5 %)
H1 2021 24.95 (6.8 %) 18.49 81.9 % 11.28 189.6 %
H2 2021 26.68 9.0 % 20.18 27.5 % (2.90) 74.2 %
H1 2022 31.17 24.9 % 21.69 17.3 % 10.24 (9.2 %)
H2 2022 30.56 14.6 % 21.09 4.5 % 17.97 719.6 %
2022 61.73 19.6 % 42.78 10.6 % 28.21 236.6 %

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 2017 - - - - - - - -
H2 2017 - - - - - - - -
H1 2018 643.58 - - - 621.99 - 599.21 -
H2 2018 635.68 - - - 612.70 - 615.74 -
H1 2019 611.15 (5.0 %) 6.68 - 587.48 (5.5 %) 595.52 (0.6 %)
H2 2019 646.58 1.7 % 28.06 - 594.82 (2.9 %) 602.71 (2.1 %)
H1 2020 639.92 4.7 % 60.47 805.4 % 560.67 (4.6 %) 578.45 (2.9 %)
H2 2020 668.84 3.4 % 90.68 223.2 % 549.41 (7.6 %) 544.47 (9.7 %)
H1 2021 661.16 3.3 % 100.46 66.1 % 536.75 (4.3 %) 593.93 2.7 %
H2 2021 660.03 (1.3 %) 100.29 10.6 % 533.85 (2.8 %) 594.60 9.2 %
H1 2022 734.80 11.1 % 201.07 100.1 % 508.28 (5.3 %) 587.58 (1.1 %)
H2 2022 726.18 10.0 % 200.68 100.1 % 499.24 (6.5 %) 620.46 4.4 %

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 More than 100 11.27
Q2 2019 More than 100 11.32
Q4 2019 25.15 13.29
Q2 2020 39.72 14.97
Q4 2020 NEG 21.02
Q2 2021 More than 100 16.81
Q4 2021 More than 100 14.22
Q2 2022 More than 100 12.75
Q4 2022 18.19 11.99

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - - -
H1 2018 0.34 0.22 10.14 9.76
H2 2018 0.34 (0.15) 9.98 10.03
H1 2019 0.34 0.23 9.57 9.70
H2 2019 0.32 0.12 9.69 9.82
H1 2020 0.17 0.06 9.14 9.43
H2 2020 0.26 (0.18) 8.95 8.87
H1 2021 0.30 0.18 8.75 9.68
H2 2021 0.33 (0.05) 8.70 9.69
H1 2022 0.35 0.17 8.28 9.57
H2 2022 0.34 0.29 8.13 10.11

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