Al Rajhi REIT Fund reported a net profit of SAR 67.3 million, or SAR 0.42 a unit, in H1 2022, versus a net loss of SAR 159.3 million in the year-earlier period.
Funds from operations (FFO) reached nearly SAR 63.9 million in H1 2022, compared to SAR 45.6 million in year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 82.33 | 79.11 | (3.9 %) |
| Funds from Operations(FFO) | 45.57 | 63.87 | 40.2 % |
| Net Income | (159.26) | 67.29 | 142.3 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.28 | 0.39 | 40.2 % |
| EPS (Riyals) | (0.98) | 0.42 | 142.3 % |
This was driven by writing back SAR 11.7 million in accounts receivable impairment in H1 2022, versus SAR 14 million in provisions in the prior-year period. In addition, the fund noted the write-back of SAR 17.4 million impairment of investment properties in H1 2022, compared to SAR 190.5 million provision in the year-earlier period.
However, rental income for the six-month period dropped 4% year-on-year (YoY), while cost of finance increased by 20% YoY in H1 2022.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 2,122.45 | 2,191.44 | 3.3 % |
| Total Debt | 791.26 | 896.40 | 13.3 % |
| Net assets attributable to the Unitholders Item | 1,307.00 | 1,267.83 | (3.0 %) |
| Market value of net assets | 1,333.56 | 1,344.13 | 0.8 % |
The net asset book value stood at SAR 1.267 billion in H1 2022, or SAR 7.83 per unit, while the asset market value reached SAR 1.344 billion, or SAR 8.30 per unit, in the six-month period
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