Jadwa REIT Al Haramain Fund posted a net loss of SAR 68.1 million (SAR -1.03 per unit) for the first half of 2020, compared to a profit of SAR 9.1 million for the same period last year, according to a bourse filing by Jadwa Investment, the fund manager, on Tuesday.
Losses from funds from operations (FFO) reached SAR 1.6 million during the six-month period, compared to a profit of SAR 15 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 26.95 | 8.07 | (70.1 %) |
| Funds from Operations(FFO) | 14.99 | (1.63) | (110.9 %) |
| Net Income | 9.12 | (68.05) | (846.3 %) |
| No of shares | 66.00 | 66.00 | - |
| Operating EPS (Riyals) | 0.23 | (0.02) | (110.9 %) |
| EPS (Riyals) | 0.14 | (1.03) | (846.3 %) |
These losses were mainly attributed to lower rental income and impairment loss on investment properties worth SAR 60.5 million.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 828.55 | 738.77 | (10.8 %) |
| Total Debt | 181.13 | 181.72 | 0.3 % |
| Net assets attributable to the Unitholders Item | 636.96 | 548.41 | (13.9 %) |
| Market value of net assets | 713.60 | 630.54 | (11.6 %) |
Net asset value (NAV) stood at SAR 548.41 million, while the NAV per unit reached SAR 8.31 during the six months.
The market value of assets reached SAR 630.54 million in H1 2020, while the per unit market value stood at SAR 9.55.
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2017 | 8.54 | - | 6.66 | - | 4.25 | - |
| H2 2017 | 21.34 | - | 16.83 | - | 10.86 | - |
| 2017 | 29.88 | - | 23.48 | - | 15.10 | - |
| H1 2018 | 26.59 | 211.5 % | 17.73 | 166.5 % | 11.82 | 178.2 % |
| H2 2018 | 27.39 | 28.3 % | 17.83 | 5.9 % | 11.79 | 8.6 % |
| 2018 | 53.98 | 80.7 % | 35.56 | 51.4 % | 23.61 | 56.3 % |
| H1 2019 | 26.95 | 1.3 % | 14.99 | (15.5 %) | 9.12 | (22.9 %) |
| H2 2019 | 25.62 | (6.5 %) | 17.57 | (1.4 %) | 9.85 | (16.4 %) |
| 2019 | 52.57 | (2.6 %) | 32.56 | (8.4 %) | 18.97 | (19.6 %) |
| H1 2020 | 8.07 | (70.1 %) | (1.63) | (110.9 %) | (68.05) | (846.3 %) |
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 2017 | 29.88 | - | 23.48 | - | 15.10 | - |
| 2018 | 53.98 | 80.7 % | 35.56 | 51.4 % | 23.61 | 56.3 % |
| 2019 | 52.57 | (2.6 %) | 32.56 | (8.4 %) | 18.97 | (19.6 %) |
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2017 | 656.23 | - | - | - | 654.35 | - | 701.36 | - |
| H2 2017 | 847.20 | - | 177.08 | - | 658.60 | - | 716.58 | - |
| H1 2018 | 836.45 | 27.5 % | 177.20 | - | 653.23 | (0.2 %) | 717.53 | 2.3 % |
| H2 2018 | 832.91 | (1.7 %) | 180.84 | 2.1 % | 646.33 | (1.9 %) | 716.96 | 0.1 % |
| H1 2019 | 828.55 | (0.9 %) | 181.13 | 2.2 % | 636.96 | (2.5 %) | 713.60 | (0.5 %) |
| H2 2019 | 817.51 | (1.8 %) | 181.42 | 0.3 % | 629.66 | (2.6 %) | 712.14 | (0.7 %) |
| H1 2020 | 738.77 | (10.8 %) | 181.72 | 0.3 % | 548.41 | (13.9 %) | 630.54 | (11.6 %) |
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| 2017 | 847.20 | - | 177.08 | - | 658.60 | - | 716.58 | - |
| 2018 | 832.91 | (1.7 %) | 180.84 | 2.1 % | 646.33 | (1.9 %) | 716.96 | 0.1 % |
| 2019 | 817.51 | (1.8 %) | 181.42 | 0.3 % | 629.66 | (2.6 %) | 712.14 | (0.7 %) |
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| 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 | 44.92 | 28.89 |
| Q2 2018 | 24.77 | 16.25 |
| Q4 2018 | 20.97 | 13.92 |
| Q2 2019 | 25.29 | 16.11 |
| Q4 2019 | 28.46 | 16.58 |
| Q2 2020 | NEG | 25.51 |
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| 2010 | - | - |
| 2011 | - | - |
| 2012 | - | - |
| 2013 | - | - |
| 2014 | - | - |
| 2015 | - | - |
| 2016 | - | - |
| 2017 | 44.92 | 28.89 |
| 2018 | 20.97 | 13.92 |
| 2019 | 28.45 | 16.58 |
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2017 | 0.10 | 0.06 | 9.91 | 10.63 |
| H2 2017 | 0.25 | 0.16 | 9.98 | 10.86 |
| H1 2018 | 0.27 | 0.18 | 9.90 | 10.87 |
| H2 2018 | 0.27 | 0.18 | 9.79 | 10.86 |
| H1 2019 | 0.23 | 0.14 | 9.65 | 10.81 |
| H2 2019 | 0.27 | 0.15 | 9.54 | 10.79 |
| H1 2020 | (0.02) | (1.03) | 8.31 | 9.55 |
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| 2017 | 0.36 | 0.23 | 9.98 | 10.86 |
| 2018 | 0.54 | 0.36 | 9.79 | 10.86 |
| 2019 | 0.49 | 0.29 | 9.54 | 10.79 |
| Current | |
| Number of Units (Million) | 66.00 |
| Net Income/Unit ( Riyal) | 0.21 |
| Funds from operations/Unit ( Riyal) | 0.04 |
| P/E (X) (TTM) | 28.88 |
| Current Price/FFO (X) | 158.86 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.79 |
| Asset Growth (%) | (3.60 ) |
| Revenue Growth (%) | 49.4 |
| Net Income Growth (%) | 128.4 |
| Adjusted P/E (Last12) (X) | 28.88 |
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