Riyad REIT Fund reported a net profit of SAR 34.9 million (SAR 0.20 per unit) in H1 2023, down 43% from SAR 61.1 million a year earlier.
Funds from operations (FFO) dropped 34% to SAR 50.6 million in H1 2023, compared to SAR 76.6 million in the year before.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 153.05 | 152.91 | (0.1 %) |
| Funds from Operations(FFO) | 76.56 | 50.63 | (33.9 %) |
| Net Income | 61.09 | 34.91 | (42.9 %) |
| No of shares | 171.70 | 171.70 | - |
| Operating EPS (Riyals) | 0.45 | 0.29 | (33.9 %) |
| EPS (Riyals) | 0.36 | 0.20 | (42.9 %) |
The lower profit was attributed to a rise in the cost of finance as well as an increase in other operating expenses.
Meanwhile, rental income increased to SAR 119.7 million in the current period, from SAR 99.9 million in the same period last year. However, this was offset by a decrease in profit achieved from investments at fair value.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Total Assets | 3,052.34 | 3,069.36 | 0.6 % |
| Total Debt | 1,360.85 | 1,418.69 | 4.3 % |
| Net assets attributable to the Unitholders Item | 1,579.01 | 1,523.29 | (3.5 %) |
| Market value of net assets | 1,938.44 | 1,959.25 | 1.1 % |
Net asset value (NAV) stood at SAR 1.52 billion, while the NAV per unit reached SAR 8.87.
The net market value of assets reached SAR 1.95 billion in H1 2023, while the per unit market value stood at SAR 11.41.
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