Bonyan REIT posts SAR 134.2 mln FFO, SAR 110.9 mln profit in 2023

Bonyan REIT Fund posted a net profit of SAR 110.9 million (SAR 0.68/unit) in 2023, up from SAR 97.6 million a year earlier.

Funds from operations (FFO) reached SAR 134.2 million during the period, a 6% increase from SAR 126.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	246.68	269.18	9.1 %
Funds from Operations(FFO)	126.67	134.19	5.9 %
Net Income	97.58	110.90	13.7 %
No of shares	162.88	162.88	0.0 %
Operating EPS (Riyals)	0.78	0.82	5.9 %
EPS (Riyals)	0.60	0.68	13.7 %

Bonyan REIT reported an increase in rental and investment income, higher depreciation of property and equipment, as well as lower fund fees and other expenses. In addition, the REIT reported lower expected credit losses (ECL) and a decline in Zakat and tax.

Meanwhile, Bonyan REIT witnessed higher financing costs (FCs), depreciation of investment properties, and lower reversal of impairment loss on investment properties.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	125.21	134.10	7.1 %
Funds from Operations(FFO)	59.14	70.17	18.6 %
Net Income	26.99	67.31	149.4 %
No of shares	162.88	162.88	0.0 %
Operating EPS (Riyals)	0.36	0.43	18.6 %
EPS (Riyals)	0.17	0.41	149.4 %

Item	H1 2023	H2 2023	Change‬
Rental Income	135.08	134.10	(0.7 %)
Funds from Operations(FFO)	64.03	70.17	9.6 %
Net Income	43.59	67.31	54.4 %
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.39	0.43	9.6 %
EPS (Riyals)	0.27	0.41	54.4 %

Net asset value (NAV) stood at SAR 1.38 billion by the end of 2023, while net book value per unit reached SAR 8.50.

The market value of assets stood at SAR 2.06 billion as of Dec. 31, 2023, with the market value per unit at SAR 12.69.

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,908.26	1,745.36	(8.5 %)
Total Debt	385.96	240.44	(37.7 %)
Net assets attributable to the Unitholders Item	1,380.94	1,384.34	0.2 %
Market value of net assets	1,755.91	2,066.43	17.7 %

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Share Price

Bonyan REIT Fund (BONYAN REIT)

	Current
Number of Units (Million)	162.88
Net Income/Unit ( Riyal)	0.76
Funds from operations/Unit ( Riyal)	0.83
P/E (X) (TTM)	12.30
Current Price/FFO (X)	11.30
Par Value ( Riyal)	10.00
Price/book	1.10
Asset Growth (%)	8.0
Revenue Growth (%)	2.0
Net Income Growth (%)	76.2
Adjusted P/E (Last12) (X)	12.30

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	99.06	-	47.66	-	(85.44)	-
H1 2019	103.10	-	55.21	-	32.33	-
H2 2019	109.89	-	55.10	-	56.13	-
2019	212.99	115.0 %	110.31	131.5 %	88.46	203.5 %
H1 2020	68.35	(33.7 %)	29.62	(46.4 %)	7.39	(77.2 %)
H2 2020	103.14	(6.1 %)	53.88	(2.2 %)	38.03	(32.2 %)
2020	171.49	(19.5 %)	83.49	(24.3 %)	45.41	(48.7 %)
H1 2021	107.17	56.8 %	58.78	98.5 %	26.22	255.1 %
H2 2021	112.31	8.9 %	53.57	(0.6 %)	39.18	3.0 %
2021	219.48	28.0 %	112.34	34.5 %	65.40	44.0 %
H1 2022	121.47	13.3 %	67.53	14.9 %	70.59	169.2 %
H2 2022	125.21	11.5 %	59.14	10.4 %	26.99	(31.1 %)
2022	246.68	12.4 %	126.67	12.8 %	97.58	49.2 %
H1 2023	135.08	11.2 %	64.03	(5.2 %)	43.59	(38.3 %)
H2 2023	134.10	7.1 %	70.17	18.6 %	67.31	149.4 %
2023	269.18	9.1 %	134.19	5.9 %	110.90	13.7 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	99.06	-	47.66	-	(85.44)	-
2019	212.99	115.0 %	110.31	131.5 %	88.46	203.5 %
2020	171.49	(19.5 %)	83.49	(24.3 %)	45.41	(48.7 %)
2021	219.48	28.0 %	112.34	34.5 %	65.40	44.0 %
2022	246.68	12.4 %	126.67	12.8 %	97.58	49.2 %
2023	269.18	9.1 %	134.19	5.9 %	110.90	13.7 %

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	-	-	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-	-	-
H1 2019	1,753.30	-	-	-	1,453.01	-	1,598.19	-
H2 2019	1,752.49	-	-	-	1,449.29	-	1,652.71	-
H1 2020	1,749.57	(0.2 %)	149.85	-	1,436.67	(1.1 %)	1,650.19	3.3 %
H2 2020	1,741.81	(0.6 %)	190.43	-	1,429.70	(1.4 %)	1,631.37	(1.3 %)
H1 2021	1,916.43	9.5 %	385.08	157.0 %	1,403.80	(2.3 %)	1,623.74	(1.6 %)
H2 2021	1,890.78	8.6 %	381.87	100.5 %	1,390.85	(2.7 %)	1,661.32	1.8 %
H1 2022	1,923.45	0.4 %	389.41	1.1 %	1,407.69	0.3 %	1,753.12	8.0 %
H2 2022	1,908.26	0.9 %	385.96	1.1 %	1,380.94	(0.7 %)	1,755.91	5.7 %
H1 2023	1,857.47	(3.4 %)	340.85	(12.5 %)	1,370.78	(2.6 %)	1,797.67	2.5 %
H2 2023	1,745.36	(8.5 %)	240.44	(37.7 %)	1,384.34	0.2 %	2,066.43	17.7 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,775.82	-	-	-	1,480.54	-	1,565.31	-
2019	1,752.49	(1.3 %)	-	-	1,449.29	(2.1 %)	1,652.71	5.6 %
2020	1,741.81	(0.6 %)	190.43	-	1,429.70	(1.4 %)	1,631.37	(1.3 %)
2021	1,890.78	8.6 %	381.87	100.5 %	1,390.85	(2.7 %)	1,661.32	1.8 %
2022	1,908.26	0.9 %	385.96	1.1 %	1,380.94	(0.7 %)	1,755.91	5.7 %
2023	1,745.36	(8.5 %)	240.44	(37.7 %)	1,384.34	0.2 %	2,066.43	17.7 %

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	18.12	14.53
Q2 2020	20.98	15.73
Q4 2020	31.85	17.32
Q2 2021	24.97	14.24
Q4 2021	24.31	14.15
Q2 2022	13.86	12.56
Q4 2022	15.29	11.78
Q2 2023	21.79	12.48
Q4 2023	14.39	11.90

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	NEG	28.61
2019	18.12	14.53
2020	31.85	17.32
2021	24.31	14.15
2022	15.29	11.78
2023	14.39	11.90

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	0.34	0.20	8.92	9.81
H2 2019	0.34	0.34	8.90	10.15
H1 2020	0.18	0.05	8.82	10.13
H2 2020	0.33	0.23	8.78	10.02
H1 2021	0.36	0.16	8.62	9.97
H2 2021	0.33	0.24	8.54	10.20
H1 2022	0.41	0.43	8.64	10.76
H2 2022	0.36	0.17	8.48	10.78
H1 2023	0.39	0.27	8.42	11.04
H2 2023	0.43	0.41	8.50	12.69

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.29	(0.52)	9.09	9.61
2019	0.68	0.54	8.90	10.15
2020	0.51	0.28	8.78	10.02
2021	0.69	0.40	8.54	10.20
2022	0.78	0.60	8.48	10.78
2023	0.82	0.68	8.50	12.69

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Bonyan REIT posts SAR 134.2 mln FFO, SAR 110.9 mln profit in 2023

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

View other reports

Share Price

Bonyan REIT Fund (BONYAN REIT)

Financial Ratios

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

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