Al Maather REIT posts SAR 24.9 mln FFO, SAR 7.4 mln net loss in 2020

31/03/2021 Argaam Exclusive

Al Maather REIT Fund reported a net loss of SAR 7.4 million (SAR -0.12/unit) for 2020, against a net profit of SAR 21.40 million a year earlier, Osool & Bakheet Investment, fund manager, said in a bourse filing.

 

Funds from operations (FFO) dropped 39% to SAR 24.9 million in 2020 from SAR 40.5 million in 2019.

 

The losses were attributed to expected credit loss expenses of SAR 11.4 million in 2020, compared to SAR 1 million a year earlier. The fund recorded real estate investment impairments of SAR 16.6 million, compared to SAR 3.7 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Rental Income 53.29 51.27 (3.8 %)
Funds from Operations(FFO) 40.50 25.99 (35.8 %)
Net Income 21.40 (7.37) (134.4 %)
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.66 0.42 (35.8 %)
EPS (Riyals) 0.35 (0.12) (134.4 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 27.68 24.48 (11.6 %)
Funds from Operations(FFO) 19.65 15.83 (19.5 %)
Net Income 7.34 (11.26) (253.5 %)
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.32 0.26 (19.5 %)
EPS (Riyals) 0.12 (0.18) (253.5 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 646.58 668.84 3.4 %
Total Debt 28.06 90.68 223.2 %
Net assets attributable to the Unitholders Item 594.82 549.41 (7.6 %)
Market value of net assets 602.71 544.47 (9.7 %)

Net asset value (NAV) stood at SAR 549.4 million, while the NAV per unit reached SAR 9 during the year.

 

The market value of assets reached SAR 544.4 million, with per unit market value stood at SAR 8.9.

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Share Price

AL Maather REIT Fund
9.40
0.00 0.00 %

AL Maather REIT Fund (AL MAATHER REIT)

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Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.67
Funds from operations/Unit ( Riyal) 0.70
P/E (X) (TTM) 14.05
Current Price/FFO (X) 13.36
Par Value ( Riyal) 10.00
Price/book 1.12
Asset Growth (%) (1.11 )
Revenue Growth (%) 5.9
Net Income Growth (%) (6.46 )
Adjusted P/E (Last12) (X) 14.05
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