Financial Results : Al Maather REIT posts SAR 21.4 mln net profit in FY19

Al Maather REIT posts SAR 21.4 mln net profit in FY19

26/03/2020 Argaam Exclusive

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Al Maather REIT Fund posted a net profit of SAR 21.4 million for the fiscal year 2019, Osool and Bakheet Investment Company, the fund manager, said in a bourse filing.

 

Net Asset Value (NAV) stood at SAR 594.8 million, while net book value per unit hit SAR 9.69.

 

The full-year expenses and fees reached SAR 13.9 million.

 

The number of issued units totaled SAR 61.4 million in 2019.

 

The fund recorded an FFO yield at 6.5% in the same period, the statement added.



Financials (M)

Item 2018 2019 Change‬
Rental Income 52.30 53.29 1.9 %
Funds from Operations(FFO) 41.43 40.50 (2.2 %)
Net Income 4.40 21.40 386.7 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.68 0.66 (2.2 %)
EPS (Riyals) 0.07 0.35 386.7 %


Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬
Rental Income 26.41 27.68 4.8 %
Funds from Operations(FFO) 20.77 19.65 (5.4 %)
Net Income (9.29) 7.34 179.0 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.34 0.32 (5.4 %)
EPS (Riyals) (0.15) 0.12 179.0 %

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets 635.68 646.58 1.7 %
Total Debt - 28.06 -
Net assets attributable to the Unitholders Item 612.70 594.82 (2.9 %)
Market value of net assets 615.74 602.71 (2.1 %)


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 25.89 - 20.66 - 13.69 -
H2 2018 26.41 - 20.77 - (9.29) -
H1 2019 25.61 (1.1 %) 20.85 0.9 % 14.06 2.8 %
H2 2019 27.68 4.8 % 19.65 (5.4 %) 7.34 179.0 %
2019 53.29 1.9 % 40.50 (2.2 %) 21.40 386.7 %

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2017 - - - - - - - -
H2 2017 - - - - - - - -
H1 2018 643.58 - - - 621.99 - 599.21 -
H2 2018 635.68 - - - 612.70 - 615.74 -
H1 2019 611.15 (5.0 %) 6.68 - 587.48 (5.5 %) 595.52 (0.6 %)
H2 2019 646.58 1.7 % 28.06 - 594.82 (2.9 %) 602.71 (2.1 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2010 - -
Q4 2010 - -
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 More than 100 11.27
Q2 2019 More than 100 11.32
Q4 2019 25.15 13.29

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - - -
H1 2018 0.34 0.22 10.14 9.76
H2 2018 0.34 (0.15) 9.98 10.03
H1 2019 0.34 0.23 9.57 9.70
H2 2019 0.32 0.12 9.69 9.82


Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.67
Funds from operations/Unit ( Riyal) 0.70
P/E (X) (TTM) 14.05
Current Price/FFO (X) 13.36
Par Value ( Riyal) 10.00
Price/book 1.12
Asset Growth (%) (1.11 )
Revenue Growth (%) 5.9
Net Income Growth (%) (6.46 )
Adjusted P/E (Last12) (X) 14.05
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Share Price

AL Maather REIT Fund
9.40
0.05 0.53 %

AL Maather REIT Fund (AL MAATHER REIT)

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