AlJazira REIT reports SAR 23.9 mln loss for 2020

31/03/2021 Argaam Exclusive

AlJazira REIT Fund reported a net loss of SAR 23.9 million (SAR 2 per unit) for 2020, compared with SAR 240,000 a year earlier, fund manager AlJazira Capital said in a bourse filing today, March 31, 2021.

 

Funds from operations (FFO) stood at SAR 1.3 million in 2020, compared to SAR 3.6 million a year earlier.

 



Financials (M)

Item 2019 2020 Change‬
Rental Income 5.17 6.07 17.4 %
Funds from Operations(FFO) 3.59 (1.25) (134.8 %)
Net Income (0.24) (23.90) (10,025.4 %)
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.30 (0.11) (134.8 %)
EPS (Riyals) (0.02) (2.03) (10,025.4 %)

The loss is attributed to credit loss expenses of SAR 5.2 million as well as higher other expenses and rise in provision for impairment in real estate investments. However, lease revenues increased by 17%.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 2.72 2.97 9.3 %
Funds from Operations(FFO) 1.91 0.77 (59.5 %)
Net Income 2.60 (18.61) (816.6 %)
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.16 0.07 (59.5 %)
EPS (Riyals) 0.22 (1.58) (816.6 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 111.85 84.44 (24.5 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 109.67 82.23 (25.0 %)
Market value of net assets 100.61 82.23 (18.3 %)

Net asset value (NAV) stood at SAR 82.2 million, while the NAV per unit reached SAR 6.97 in 2020.

 

The market value of assets amounted to SAR 83.4 million in 2020.

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Share Price

AlJazira REIT
15.50
(0.10) (0.64 %)

AlJazira REIT (ALJAZIRA REIT)

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Financial Ratios
Current
Number of Units (Million) 11.80
Net Income/Unit ( Riyal) 0.79
Funds from operations/Unit ( Riyal) 0.37
P/E (X) (TTM) 19.54
Current Price/FFO (X) 42.36
Par Value ( Riyal) 10.00
Price/book 1.96
Asset Growth (%) 6.2
Revenue Growth (%) 2.3
Net Income Growth (%) 54.2
Adjusted P/E (Last12) (X) 19.54
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