Swicorp Wabel REIT posts SAR 21.1 mln FFO, SAR 151.1 mln net loss in 2020

31/03/2021 Argaam Exclusive

Swicorp Wabel REIT Fund reported a net loss of SAR 151.05 million (SAR 1.28/unit) for 2020, against a net profit of SAR 59.3 million a year earlier.

 

Funds from operations (FFO) slumped 47% to SAR 21.09 million in 2020 from SAR 39.6 million in 2019.

 

The losses were attributed to recording an impairment of real estate investment provision of SAR 151.35 million, compared to a provision reversal a year earlier. A decline in other revenues also weighed on the fund’s full-year financials.



Financials (M)

Item 2019 2020 Change‬
Rental Income 103.69 54.17 (47.8 %)
Funds from Operations(FFO) 51.58 21.57 (58.2 %)
Net Income 59.29 (151.05) (354.7 %)
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.44 0.18 (58.2 %)
EPS (Riyals) 0.50 (1.28) (354.7 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 48.37 21.07 (56.4 %)
Funds from Operations(FFO) 15.37 (0.10) (100.6 %)
Net Income 32.95 (10.04) (130.5 %)
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.13 0.00 (100.6 %)
EPS (Riyals) 0.28 (0.09) (130.5 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,186.67 982.36 (17.2 %)
Total Debt 8.30 7.99 (3.7 %)
Net assets attributable to the Unitholders Item 1,149.51 947.72 (17.6 %)
Market value of net assets 1,164.18 947.72 (18.6 %)

Net asset value (NAV) stood at SAR 947.72 million, while the NAV per unit reached SAR 8.03 during the year.

 

The market value of assets reached SAR 947.72 million, with per unit market value stood at SAR 8.03.

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Financial Ratios
Current
Number of Units (Million) 118.00
Net Income/Unit ( Riyal) (0.59 )
Funds from operations/Unit ( Riyal) 0.01
P/E (X) (TTM) NEG
Current Price/FFO (X) 582.58
Par Value ( Riyal) 10.00
Price/book 0.71
Asset Growth (%) 11.5
Revenue Growth (%) 12.3
Net Income Growth (%) (281.89 )
Adjusted P/E (Last12) (X) Neg
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