Argaam evaluates the financial performance of Tadawul-listed Real Estate Investment Trust (REITs) in the first half of the year.
Riyad REIT's net profit more than trebled year-on-year to SAR 9.5 million in H1-2017, driven by higher leasing revenue.
Jadwa REIT came second with net earnings of SAR 4.3 million for the period from April 16, 2017 to June 30, 2017.
Aljazira Mawten REIT followed with SAR 3.1 million in net profit for the period from February 20, 2017 to June 30, 2017.
Taleem REIT came last with net earnings of SAR 1.3 million in one month.
Al Maather REIT Fund was excluded from the study as it debuted on Tadawul August 22.
|
REITs Performance (SAR mln) |
||||
|
REIT |
H1 2016 |
H1 2017 |
Variation |
Notes |
|
Riyad REIT |
3.2 |
9.5 |
+201% |
86% increase in revenue on higher occupation rate and new properties’ acquisitions |
|
Jadwa REIT |
-- |
4.2 |
-- |
For the period from April 16 to June 30 (75 days) |
|
AlJazira REIT |
-- |
3.1 |
-- |
For the period from Feb. 20 to June 30 |
|
Taleem REIT |
-- |
1.3 |
-- |
For the period from May 30 to June 30 |
The market capitalization of assets exceeded book value for three funds in the same period, except for Aljazira Mawten REIT which saw a 1 percent decline.
Riyad REIT and Jadwa REIT came on top with a 7 percent rise each.
|
Market Capitalization & Book Value of Assets (SAR/Unit) |
|||
|
REIT |
BV of assets per unit |
Market value of assets per unit |
Market Value/BV |
|
Riyad REIT |
9.57 |
10.23 |
+7% |
|
Jadwa REIT |
9.91 |
10.63 |
+7% |
|
Taleem REIT |
10.04 |
10.16 |
+1% |
|
AlJazira REIT |
10.26 |
10.17 |
(1%) |
|
Market Value & Market Price of Assets (SAR/Unit) |
|||
|
REIT |
Market value of assets per unit |
Trading price |
Trading price to market value |
|
Aljazira REIT |
10.17 |
22.48 |
+121% |
|
Taleem REIT |
10.16 |
14.36 |
+41% |
|
Riyad REIT |
10.23 |
11.94 |
+17% |
|
Jadwa REIT |
10.63 |
12.08 |
+14% |
In terms of dividends, Riyad REIT also came first with SAR 0.26 per unit, or 2.6 percent of the fund size.
Jadwa REIT paid a dividend of SAR 0.10 per unit in 75 days, representing 1 percent of its total size.
|
Dividends H1 2017 |
|||
|
REIT |
Unit price (closing of Sept. 19) |
Cash dividend (SAR) |
Dividend Yield% |
|
Riyad REIT |
11.94 |
0.26 |
2.18 % |
|
Jadwa REIT |
12.06 |
0.10 |
0.83 % |
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