Riyad REIT posts SAR 46.6 mln FFO, SAR 33.2 mln profit in H1 2021

17/08/2021 Argaam Exclusive

 

Riyad REIT Fund reported a net income of SAR 33.2 million (SAR 0.19 per unit) for the first six months of 2021, an increase of 39% from SAR 23.9 million in the similar period last year, fund manager Riyad Capital said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 46.6 million in H1 2021, a 33% hike from SAR 35.1 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 88.40 109.18 23.5 %
Funds from Operations(FFO) 35.14 46.59 32.6 %
Net Income 23.90 33.17 38.8 %
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.20 0.27 32.6 %
EPS (Riyals) 0.14 0.19 38.8 %

The increase in profit is attributed to higher rental revenue despite the increase in financing costs, fund management fees and real estate investment depreciation.

 

Net asset value (NAV) stood at SAR 1.58 billion (SAR 9.2/unit) by the end of June 30, 2021.

 

The market value of assets stood at SAR 1.71 billion in H1 2021, with market value per unit as fair value at SAR 9.96.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 2,384.25 2,548.60 6.9 %
Total Debt 689.31 866.91 25.8 %
Net assets attributable to the Unitholders Item 1,604.54 1,581.60 (1.4 %)
Market value of net assets 1,670.00 1,710.39 2.4 %

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Share Price

Riyad REIT Fund
6.38
(0.06) (0.93 %)

Riyad REIT Fund (RIYAD REIT)

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Financial Ratios
Current
Number of Units (Million) 171.70
Net Income/Unit ( Riyal) (0.04 )
Funds from operations/Unit ( Riyal) 0.15
P/E (X) (TTM) NEG
Current Price/FFO (X) 41.62
Par Value ( Riyal) 9.51
Price/book 0.76
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
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