AlAhli REIT (1) logs SAR 64.1M FFO, SAR 40.6M net profit in 2023

31/03/2024 Argaam Exclusive

AlAhli REIT Fund (1) reported a net profit of SAR 40.6 million (SAR 0.29 per unit) for 2023, down 39% from SAR 66.1 million (SAR 0.48 per unit) a year earlier.

 

Funds from operations (FFO) slumped 30% to nearly SAR 64.1 million in 2023, from SAR 91.9 million in the year before.



Financials (M)

Item 2022 2023 Change‬
Rental Income 185.12 183.06 (1.1 %)
Funds from Operations(FFO) 91.94 64.12 (30.3 %)
Net Income 66.12 40.56 (38.7 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.67 0.47 (30.3 %)
EPS (Riyals) 0.48 0.29 (38.7 %)

The annual profit drop was attributed to the decrease in rental income from investment properties. This is besides the rise in impairment losses in the value of receivables from operating lease contracts to SAR 8.5 million in 2023, compared to SAR 4 million a year ago.

 

In addition, other expenses and operating expenses, as well as financing costs, soared in 2023. This came despite increased revenues from hotel operations, along with recording a Zakat provision of SAR 2 million in 2022, compared to none for 2023.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 92.51 90.53 (2.1 %)
Funds from Operations(FFO) 41.18 30.16 (26.8 %)
Net Income 28.29 18.44 (34.8 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.30 0.22 (26.8 %)
EPS (Riyals) 0.21 0.13 (34.8 %)

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,936.69 1,985.32 2.5 %
Total Debt 589.20 660.01 12.0 %
Net assets attributable to the Unitholders Item 1,272.94 1,237.88 (2.8 %)
Market value of net assets 1,439.71 1,413.56 (1.8 %)

The net asset value (NAV) stood at SAR 1.23 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 9.

 

The market value of assets stood at SAR 1.41 billion as of Dec. 31, 2023, with a market value per unit at SAR 10.28.

 

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Share Price

AlAhli REIT Fund 1
7.08
(0.04) (0.56 %)

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.24
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 29.29
Current Price/FFO (X) 17.09
Par Value ( Riyal) 10.00
Price/book 0.80
Asset Growth (%) 0.8
Revenue Growth (%) (1.60 )
Net Income Growth (%) (34.07 )
Adjusted P/E (Last12) (X) 29.29
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 75.60 - 47.47 - 37.14 -
H2 2018 72.73 - 39.76 - 29.52 -
H1 2019 70.41 (6.9 %) 40.85 (13.9 %) 30.74 (17.2 %)
H2 2019 81.29 11.8 % 37.91 (4.7 %) 29.29 (0.8 %)
H1 2020 63.07 (10.4 %) 29.69 (27.3 %) 1.62 (94.7 %)
H2 2020 78.24 (3.7 %) 33.92 (10.5 %) 13.10 (55.3 %)
H1 2021 88.52 40.4 % 49.93 68.2 % 37.16 2193.6 %
H2 2021 94.89 21.3 % 51.44 51.6 % 38.26 192.0 %
H1 2022 92.61 4.6 % 50.76 1.7 % 37.82 1.8 %
H2 2022 92.51 (2.5 %) 41.18 (20.0 %) 28.29 (26.1 %)
H1 2023 92.53 (0.1 %) 33.97 (33.1 %) 22.12 (41.5 %)
H2 2023 90.53 (2.1 %) 30.16 (26.8 %) 18.44 (34.8 %)
2023 183.06 (1.1 %) 64.12 (30.3 %) 40.56 (38.7 %)

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 2018 1,464.37 - - - 1,412.14 - 1,389.48 -
H2 2018 1,450.19 - - - 1,396.97 - 1,416.96 -
H1 2019 1,430.55 (2.3 %) - - 1,383.02 (2.1 %) 1,379.00 (0.8 %)
H2 2019 1,694.37 16.8 % 253.05 - 1,367.62 (2.1 %) 1,396.62 (1.4 %)
H1 2020 1,905.15 33.2 % 501.63 - 1,324.56 (4.2 %) 1,318.00 (4.4 %)
H2 2020 1,903.40 12.3 % 515.00 103.5 % 1,320.47 (3.4 %) 1,361.35 (2.5 %)
H1 2021 1,956.60 2.7 % 558.22 11.3 % 1,312.94 (0.9 %) 1,349.29 2.4 %
H2 2021 1,936.75 1.8 % 558.73 8.5 % 1,303.08 (1.3 %) 1,332.05 (2.2 %)
H1 2022 1,954.37 (0.1 %) 559.08 0.2 % 1,292.78 (1.5 %) 1,459.40 8.2 %
H2 2022 1,936.69 0.0 % 589.20 5.5 % 1,272.94 (2.3 %) 1,439.71 8.1 %
H1 2023 2,001.43 2.4 % 648.03 15.9 % 1,253.81 (3.0 %) 1,431.43 (1.9 %)
H2 2023 1,985.32 2.5 % 660.01 12.0 % 1,237.88 (2.8 %) 1,413.56 (1.8 %)

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 16.01 12.23
Q2 2019 18.94 14.16
Q4 2019 21.76 16.59
Q2 2020 38.88 17.78
Q4 2020 More than 100 19.28
Q2 2021 34.31 20.56
Q4 2021 20.78 15.46
Q2 2022 18.54 13.80
Q4 2022 21.00 15.11
Q2 2023 25.64 17.20
Q4 2023 30.68 19.40

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.35 0.27 10.27 10.11
H2 2018 0.29 0.21 10.16 10.31
H1 2019 0.30 0.22 10.06 10.03
H2 2019 0.28 0.21 9.95 10.16
H1 2020 0.22 0.01 9.63 9.59
H2 2020 0.25 0.10 9.60 9.90
H1 2021 0.36 0.27 9.55 9.81
H2 2021 0.37 0.28 9.48 9.69
H1 2022 0.37 0.28 9.40 10.61
H2 2022 0.30 0.21 9.26 10.47
H1 2023 0.25 0.16 9.12 10.41
H2 2023 0.22 0.13 9.00 10.28

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