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Al Maather REIT posts SAR 21.4 mln net profit in FY19
26/03/2020
Argaam Exclusive
Al Maather REIT Fund posted a net profit of SAR 21.4 million for the fiscal year 2019, Osool and Bakheet Investment Company, the fund manager, said in a bourse filing.
Net Asset Value (NAV) stood at SAR 594.8 million, while net book value per unit hit SAR 9.69.
The full-year expenses and fees reached SAR 13.9 million.
The number of issued units totaled SAR 61.4 million in 2019.
The fund recorded an FFO yield at 6.5% in the same period, the statement added.
Financials (M)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Rental Income | 52.30 | 53.29 | 1.9 % |
| Funds from Operations(FFO) | 41.43 | 40.50 | (2.2 %) |
| Net Income | 4.40 | 21.40 | 386.7 % |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.68 | 0.66 | (2.2 %) |
| EPS (Riyals) | 0.07 | 0.35 | 386.7 % |
Interim Comparasion (M)
| Item | H2 2018 | H2 2019 | Change |
|---|---|---|---|
| Rental Income | 26.41 | 27.68 | 4.8 % |
| Funds from Operations(FFO) | 20.77 | 19.65 | (5.4 %) |
| Net Income | (9.29) | 7.34 | 179.0 % |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.34 | 0.32 | (5.4 %) |
| EPS (Riyals) | (0.15) | 0.12 | 179.0 % |
Balance Sheet (Million)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Total Assets | 635.68 | 646.58 | 1.7 % |
| Total Debt | - | 28.06 | - |
| Net assets attributable to the Unitholders Item | 612.70 | 594.82 | (2.9 %) |
| Market value of net assets | 615.74 | 602.71 | (2.1 %) |
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Share Price
AL Maather REIT Fund (AL MAATHER REIT)
| 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 |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2019 | 25.61 | (1.1 %) | 20.85 | 0.9 % | 14.06 | 2.8 % |
| H2 2019 | 27.68 | 4.8 % | 19.65 | (5.4 %) | 7.34 | 179.0 % |
| 2019 | 53.29 | 1.9 % | 40.50 | (2.2 %) | 21.40 | 386.7 % |
Balance Sheet (Million)
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2019 | 611.15 | (5.0 %) | 6.68 | - | 587.48 | (5.5 %) | 595.52 | (0.6 %) |
| H2 2019 | 646.58 | 1.7 % | 28.06 | - | 594.82 | (2.9 %) | 602.71 | (2.1 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2019 | More than 100 | 11.32 |
| Q4 2019 | 25.15 | 13.29 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2019 | 0.34 | 0.23 | 9.57 | 9.70 |
| H2 2019 | 0.32 | 0.12 | 9.69 | 9.82 |
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