Jadwa REIT Saudi posts FFO of SAR 106.9 mln, net profit of SAR 27.9 mln in 2021

31/03/2022 Argaam Exclusive

Jadwa REIT Saudi Fund posted a net profit of SAR 27.9 million (SAR 0.15 per unit) in 2021, a decline of 5% from SAR 154 million a year earlier.

 

Funds from operations (FFO) reached SAR 106.9 million in 2021, a drop of 5% from SAR 112.3 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 136.63 145.20 6.3 %
Funds from Operations(FFO) 112.29 106.91 (4.8 %)
Net Income 154.09 27.85 (81.9 %)
No of shares 158.00 186.51 18.0 %
Operating EPS (Riyals) 0.71 0.57 (19.3 %)
EPS (Riyals) 0.98 0.15 (84.7 %)


Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 69.99 73.97 5.7 %
Funds from Operations(FFO) 57.38 53.47 (6.8 %)
Net Income 118.42 0.81 (99.3 %)
No of shares 158.00 186.51 18.0 %
Operating EPS (Riyals) 0.36 0.29 (21.1 %)
EPS (Riyals) 0.75 0.00 (99.4 %)

The profit decline was attributed to higher operating expenses and finance charges. The fund reported SAR 12 million unrealized losses from financial assets at fair value in 2021, compared to a profit of SAR 80 million in 2020.

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 2,161.63 2,462.55 13.9 %
Total Debt 573.12 599.99 4.7 %
Net assets attributable to the Unitholders Item 1,576.45 1,851.06 17.4 %
Market value of net assets 1,850.01 2,093.10 13.1 %

Net asset value (NAV) stood at SAR 1.851 billion in 2021, while net book value per unit reached SAR 9.92.

 

The full-year market value of assets stood at SAR 2.093 billion, with market value per unit at SAR 11.22.

 

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Share Price

Jadwa REIT Saudi Fund
10.12
(0.10) (0.98 %)

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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Financial Ratios
Current
Number of Units (Million) 186.51
Net Income/Unit ( Riyal) 0.91
Funds from operations/Unit ( Riyal) 0.56
P/E (X) (TTM) 11.08
Current Price/FFO (X) 18.21
Par Value ( Riyal) 10.00
Price/book 1.07
Asset Growth (%) 5.5
Revenue Growth (%) 11.0
Net Income Growth (%) 250.2
Adjusted P/E (Last12) (X) 12.26
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