Alkhabeer REIT Fund reported a net profit of SAR 17.2 million (SAR 0.12 per unit) in H1 2023, down 21% from SAR 37.4 million in the year-ago period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 59.59 | 61.72 | 3.6 % |
| Funds from Operations(FFO) | 26.70 | 32.22 | 20.7 % |
| Net Income | 37.43 | 17.19 | (54.1 %) |
| No of shares | 141.01 | 141.01 | - |
| Operating EPS (Riyals) | 0.19 | 0.23 | 20.7 % |
| EPS (Riyals) | 0.27 | 0.12 | (54.1 %) |
Funds from operations (FFO) rose 21% to around SAR 32.2 million in H1 2023, compared to SAR 26.7 million in the year before.
The lower profit was attributed to a recording reversal of impairment provisions worth SAR 6.7 million, as well as the rise in real estate management fees.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Total Assets | 1,906.69 | 1,877.56 | (1.5 %) |
| Total Debt | 762.60 | 751.80 | (1.4 %) |
| Net assets attributable to the Unitholders Item | 1,099.00 | 1,057.27 | (3.8 %) |
| Market value of net assets | 1,202.86 | 1,197.07 | (0.5 %) |
Net asset value (NAV) stood at SAR 1.05 billion, while the NAV per unit reached SAR 7.50.
The market value of assets reached SAR 1.19 billion in H1 2023, while the per unit market value stood at SAR 8.49.
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