Logo of AlAhli REIT Fund
AlAhli REIT Fund (1) posted a net profit of SAR 20.8 million (SAR 0.15 per unit) for Q1 2022, compared to SAR 20.3 million in the year-ago period.
Funds from operations (FFO) amounted to SAR 24.9 million in the three-month period, a rise of 2% from SAR 24.4 million in Q1 2021.
|
Key financial results (SAR mln) |
|||
|
Item |
Q1 2021 |
Q1 2022 |
Change |
|
Lease revenue |
45.5 |
45.1 |
(1%) |
|
FFO |
24.4 |
24.9 |
+2% |
|
Depreciation |
(6.2) |
(6.0) |
+3% |
|
Net Profit |
20.3 |
20.8 |
+3% |
|
Number of units |
137.5 |
137.5 |
-- |
|
FFO per unit (SAR) |
0.18 |
0.18 |
-- |
|
Earnings per unit (SAR) |
0.15 |
0.15 |
-- |
The Q1 2022 results included operating costs of SAR 8.7 million, compared to SAR 9.3 million in Q1 2021, implying a decrease of 6%.
In addition, finance costs increased to around SAR 3.7 million in Q1 2022, from SAR 3.6 million in Q1 2021.
The following table shows a summary of the fund’s Q1 2022 balance sheet:
|
Balance sheet (SAR mln) |
|||
|
Item |
March 2021 |
March 2022 |
Change |
|
Assets |
1940.3 |
1936.2 |
(0.2%) |
|
Liabilities |
644.2 |
660.4 |
(3%) |
|
Net assets attributable to unit holders |
1296.1 |
1275.8 |
(2%) |
|
Net assets per unit (SAR) |
9.43 |
9.28 |
(2%) |
The ratio of debt to assets under management (AUMs) reached 28.87% in Q1 2022, compared to 28.9% in the year-earlier period.
The percentage of debt drawn down to total available debt facility stood at 86.31%.
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