Derayah REIT posts SAR 77.1 mln FFO, SAR 14.9 mln net profit in 2020

31/03/2021 Argaam Exclusive

Derayah REIT Fund reported a net profit of SAR 14.9 million (SAR 0.14/unit) for 2020, a decline of 26% from SAR 20.2 million a year earlier.

 

Funds from operations (FFO) dropped 11% to SAR 77.1 million in 2020 from SAR 80.9 million in 2019.

 

The profit drop was attributed to an increase of 23% year-on-year (YoY) in operating expenses and a slump of 11% in operating income.



Financials (M)

Item 2019 2020 Change‬
Rental Income 121.19 121.39 0.2 %
Funds from Operations(FFO) 80.91 77.11 (4.7 %)
Net Income 20.21 14.92 (26.2 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.75 0.72 (4.7 %)
EPS (Riyals) 0.19 0.14 (26.2 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 61.83 64.84 4.9 %
Funds from Operations(FFO) 43.69 39.71 (9.1 %)
Net Income (5.13) 7.37 243.6 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.41 0.37 (9.1 %)
EPS (Riyals) (0.05) 0.07 243.6 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,609.36 1,725.48 7.2 %
Total Debt 579.98 747.98 29.0 %
Net assets attributable to the Unitholders Item 1,001.42 944.53 (5.7 %)
Market value of net assets 1,003.34 961.54 (4.2 %)

Net asset value (NAV) stood at SAR 944.53 million, while the NAV per unit reached SAR 8.79 during the year.

 

The market value of assets reached SAR 961.54 million, with per unit market value stood at SAR 8.94.

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Share Price

Derayah REIT Fund
5.97
0.00 0.00 %

Derayah REIT Fund (DERAYAH REIT)

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Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.75
Current Price/FFO (X) 26.99
Par Value ( Riyal) 10.00
Price/book 0.72
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.75
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