Alkhabeer REIT posts SAR 26.5 mln FFO, SAR 1.1 mln net profit in 2020

30/03/2021 Argaam Exclusive

Alkhabeer REIT Fund swung to a net profit of SAR 1.1 million (SAR 0.01/unit) for 2020, from a net loss of SAR 64.4 million a year earlier.

 

Funds from operations (FFO) rose 11.2% to SAR 26.5 million in 2020 from SAR 23.8 million in 2019.

 

The full-year financials were driven by a 22% increase year-on-year (YoY) in rental income. The fund reported a reversal of real estate investments impairment provision of SAR 1.9 million in 2020, compared to an impairment provision of SAR 67.2 million a year earlier.

 



Financials (M)

Item 2019 2020 Change‬
Rental Income 72.18 88.23 22.2 %
Funds from Operations(FFO) 23.82 26.49 11.2 %
Net Income (64.37) 1.13 101.8 %
No of shares 66.44 102.97 55.0 %
Operating EPS (Riyals) 0.36 0.26 (28.2 %)
EPS (Riyals) (0.97) 0.01 101.1 %


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 43.15 51.32 18.9 %
Funds from Operations(FFO) 29.74 0.63 (97.9 %)
Net Income (42.90) (28.41) 33.8 %
No of shares 66.44 102.97 55.0 %
Operating EPS (Riyals) 0.45 0.01 (98.6 %)
EPS (Riyals) (0.65) (0.28) 57.3 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 956.10 1,678.20 75.5 %
Total Debt 364.83 763.16 109.2 %
Net assets attributable to the Unitholders Item 571.75 856.15 49.7 %
Market value of net assets 600.36 896.80 49.4 %

Net asset value (NAV) stood at SAR 856.2 million, while the NAV per unit reached SAR 8.3 during the year.

 

The market value of assets reached SAR 896.8 million, with per unit market value stood at SAR 8.7.

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Share Price

Alkhabeer REIT Fund
5.64
(0.04) (0.70 %)

Alkhabeer REIT Fund (ALKHABEER REIT)

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Financial Ratios
Current
Number of Units (Million) 141.01
Net Income/Unit ( Riyal) 0.46
Funds from operations/Unit ( Riyal) 0.45
P/E (X) (TTM) 12.14
Current Price/FFO (X) 12.54
Par Value ( Riyal) 10.00
Price/book 0.75
Asset Growth (%) (0.74 )
Revenue Growth (%) 6.1
Net Income Growth (%) 183.1
Adjusted P/E (Last12) (X) 18.38
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