Swicorp Wabel REIT posts SAR 15.7 mln FFO, SAR 141 mln net loss in H1 2020

24/08/2020 Argaam Exclusive

Swicorp Wabel REIT Fund posted a net loss of SAR 141 million (SAR -1.19 per unit) for the first half of 2020, compared to a profit of SAR 26.4 million for the same period last year, according to a bourse filing by Swicorp, the fund manager, on Monday.

 

Funds from operations (FFO) reached SAR 15.7 million during the six-month period, compared to SAR 30.2 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 55.32 33.10 (40.2 %)
Funds from Operations(FFO) 36.21 21.66 (40.2 %)
Net Income 26.35 (141.01) (635.2 %)
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.31 0.18 (40.2 %)
EPS (Riyals) 0.22 (1.19) (635.2 %)

These losses were mainly attributed to lower rental income and impairment loss on investment properties worth SAR 143.1 million.



Net asset value (NAV) stood at SAR 957.76 million, while the NAV per unit reached SAR 8.12 during the six months.

 

The market value of assets reached SAR 959.45 million in H1 2020, while the per unit market value stood at SAR 8.13.

Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,157.46 1,011.00 (12.7 %)
Total Debt 8.77 8.47 (3.4 %)
Net assets attributable to the Unitholders Item 1,116.56 957.76 (14.2 %)
Market value of net assets 1,120.75 957.76 (14.5 %)

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Share Price

Alinma Retail REIT Fund
4.89
(0.01) (0.20 %)

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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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) 604.84
Par Value ( Riyal) 10.00
Price/book 0.74
Asset Growth (%) 11.5
Revenue Growth (%) 12.3
Net Income Growth (%) (281.89 )
Adjusted P/E (Last12) (X) Neg
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 55.32 - 36.21 - 26.35 -
H2 2019 48.37 - 15.37 - 32.95 -
H1 2020 33.10 (40.2 %) 21.66 (40.2 %) (141.01) (635.2 %)

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 2018 - - - - - - - -
H2 2018 1,148.80 - - - 1,122.08 - 1,122.08 -
H1 2019 1,157.46 - 8.77 - 1,116.56 - 1,120.75 -
H2 2019 1,186.67 3.3 % 8.30 - 1,149.51 2.4 % 1,164.18 3.8 %
H1 2020 1,011.00 (12.7 %) 8.47 (3.4 %) 957.76 (14.2 %) 957.76 (14.5 %)

Multiple Ratios (End of Period Price)

Compared With The
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 - -
Q2 2018 - -
Q4 2018 - -
Q2 2019 - -
Q4 2019 16.36 18.81
Q2 2020 NEG 19.69

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - 9.51 9.51
H1 2019 0.31 0.22 9.46 9.50
H2 2019 0.13 0.28 9.74 9.87
H1 2020 0.18 (1.19) 8.12 8.12

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