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.
| 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 | - |
| 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.
| Item | 2022 | 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 | - |
| Operating EPS (Riyals) | 0.36 | 0.43 | 18.6 % |
| EPS (Riyals) | 0.17 | 0.41 | 149.4 % |
| 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 % |
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.
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