Alkhabeer REIT incurs net loss of SAR 64 mln in 2019

29/04/2020 Argaam Exclusive

Alkhabeer REIT Fund incurred net losses of SAR 64 million (SAR 0.97 per unit) in 2019.

 

Funds from operations (FFO) stood at SAR 23.8 million in the same period.



Financials (M)

Item 2018 2019 Change‬

The losses were attributed to SAR 67.27 million impairment of investment properties by the end of 2019.



Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬

In H2 2019, the fund widened net losses to SAR 42.9 million, from SAR 21.5 million in H1 2019, as impairments of investment properties increased to SAR 61 million in H2 2019 despite a rise in rental income to SAR 43.2 million, from SAR 29 million in H1 2019.

 

FFO reached SAR 29.7 million, compared to losses of SAR 5.9 million in H1 2019.

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets - 956.10 -
Total Debt - 364.83 -
Net assets attributable to the Unitholders Item - 571.75 -
Market value of net assets - 600.36 -

Net asset value (NAV) hit SAR 571.75 million by the end of 2019, while net book value per unit reached SAR 8.61.

 

Moreover, Alkhabeer Capital, the fund manager, recommended reducing the value of an asset, which is partially leased, from SAR 298.66 million to SAR 240.70 million.

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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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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2019 29.03 - (5.92) - (21.47) -
H2 2019 43.15 - 29.74 - (42.90) -
2019 72.18 - 23.82 - (64.37) -

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 2019 995.99 - 346.92 - 642.95 - 680.62 -
H2 2019 956.10 - 364.83 - 571.75 - 600.36 -

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 - -
Q2 2019 - -
Q4 2019 NEG 30.41

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2019 (0.09) (0.32) 9.68 10.24
H2 2019 0.45 (0.65) 8.61 9.04

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