Swicorp Wabel REIT posts FFO of SAR 6.2 mln, net loss of SAR 14.9 mln in 2021

31/03/2022 Argaam Exclusive

Swicopr Wabel REIT Fund cut its 2021 net loss of SAR 14.9 million, from SAR 151.1 million a year earlier. 

  

Funds from operations (FFO) amounted to SAR 6.2 million in 2021, down 71% from SAR 21.6 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 54.17 59.05 9.0 %
Funds from Operations(FFO) 21.57 6.18 (71.3 %)
Net Income (151.05) (14.86) 90.2 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.18 0.05 (71.3 %)
EPS (Riyals) (1.28) (0.13) 90.2 %

The lower losses were attributed to a 9% year-on-year (YoY) rise in leasing revenue. The fund also recorded a reversal of real estate investment provision of SAR 10 million in 2021, compared to a provision of SAR 151 million a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 21.07 30.83 46.3 %
Funds from Operations(FFO) (0.10) (9.69) (9,782.7 %)
Net Income (10.04) (6.75) 32.8 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.00 (0.08) (9,782.7 %)
EPS (Riyals) (0.09) (0.06) 32.8 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 982.36 946.68 (3.6 %)
Total Debt 7.99 7.67 (4.0 %)
Net assets attributable to the Unitholders Item 947.72 932.86 (1.6 %)
Market value of net assets 947.72 932.86 (1.6 %)

Net asset value (NAV) in 2021 stood at SAR 932.89 million, while net book value per unit reached SAR 7.91.

 

The full-year market value of assets stood at SAR 932.89 million, with market value per unit at SAR 7.91.

 

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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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