Riyad REIT posts SAR 35 mln FFO, SAR 24 mln net profit in H1 2020

25/08/2020 Argaam Exclusive

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Riyad REIT Fund posted a net profit of SAR 23.9 million (SAR 0.14 per unit) for the first half of 2020, down 29% year-on-year (YoY) compared to SAR 33.64 million for the same period last year, according to a bourse filing by Riyad Capital, the fund manager, on Tuesday.

Funds from operations (FFO) reached SAR 35.15 million during the six-month period, compared to SAR 41.22 million in the year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	90.44	88.40	(2.3 %)
Funds from Operations(FFO)	41.22	35.14	(14.7 %)
Net Income	33.64	23.90	(29.0 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.24	0.20	(14.7 %)
EPS (Riyals)	0.20	0.14	(29.0 %)

The decline in net profit was mainly attributed to lower revenue and higher depreciation of operating investments.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	1,991.73	2,384.25	19.7 %
Total Debt	295.44	689.31	133.3 %
Net assets attributable to the Unitholders Item	1,627.53	1,604.54	(1.4 %)
Market value of net assets	1,689.30	1,670.00	(1.1 %)

Net asset value (NAV) stood at SAR 1.605 billion, while the NAV per unit reached SAR 9.35 as of June 30, 2020.

The market value of assets reached SAR 1.67 billion in H1 2020, while the per unit market value stood at SAR 9.73.

Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	2.28	-	(3.64)	-	(2.98)	-
H1 2016	7.84	-	3.92	-	3.16	-
H2 2016	14.17	-	9.49	-	6.72	-
2016	22.01	865.0 %	13.41	468.6 %	9.89	431.4 %
H1 2017	16.83	114.6 %	12.94	230.3 %	9.53	201.2 %
H2 2017	21.57	52.2 %	15.35	61.8 %	10.54	56.7 %
2017	38.40	74.5 %	28.29	111.0 %	20.07	103.0 %
H1 2018	33.97	101.8 %	29.34	126.8 %	24.04	152.2 %
H2 2018	115.15	433.8 %	47.09	206.7 %	40.14	281.0 %
2018	149.11	288.3 %	76.43	170.2 %	64.18	219.8 %
H1 2019	90.44	166.3 %	41.22	40.5 %	33.64	40.0 %
H2 2019	90.71	(21.2 %)	51.19	8.7 %	37.24	(7.2 %)
2019	181.16	21.5 %	92.40	20.9 %	70.88	10.4 %
H1 2020	88.40	(2.3 %)	35.14	(14.7 %)	23.90	(29.0 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2015	2.28	-	(3.64)	-	(2.98)	-
2016	22.01	865.0 %	13.41	468.6 %	9.89	431.4 %
2017	38.40	74.5 %	28.29	111.0 %	20.07	103.0 %
2018	149.11	288.3 %	76.43	170.2 %	64.18	219.8 %
2019	181.16	21.5 %	92.40	20.9 %	70.88	10.4 %

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 2015	-	-	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-	-	-
H1 2016	516.46	-	-	-	500.60	-	517.20	-
H2 2016	504.68	-	-	-	481.90	-	500.28	-
H1 2017	673.54	30.4 %	114.98	-	478.29	(4.5 %)	511.43	(1.1 %)
H2 2017	717.69	42.2 %	194.92	-	488.97	1.5 %	525.06	5.0 %
H1 2018	1,725.16	156.1 %	44.00	(61.7 %)	1,631.01	241.0 %	1,682.79	229.0 %
H2 2018	1,798.69	150.6 %	88.34	(54.7 %)	1,641.96	235.8 %	1,706.72	225.1 %
H1 2019	1,991.73	15.5 %	295.44	571.5 %	1,627.53	(0.2 %)	1,689.30	0.4 %
H2 2019	2,385.78	32.6 %	685.08	675.5 %	1,623.57	(1.1 %)	1,658.03	(2.9 %)
H1 2020	2,384.25	19.7 %	689.31	133.3 %	1,604.54	(1.4 %)	1,670.00	(1.1 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2015	505.83	-	-	-	497.02	-	499.28	-
2016	504.68	(0.2 %)	-	-	481.90	(3.0 %)	500.28	0.2 %
2017	717.69	42.2 %	194.92	-	488.97	1.5 %	525.06	5.0 %
2018	1,798.69	150.6 %	88.34	(54.7 %)	1,641.96	235.8 %	1,706.72	225.1 %
2019	2,385.78	32.6 %	685.08	675.5 %	1,623.57	(1.1 %)	1,658.03	(2.9 %)

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	More than 100	41.40
Q2 2017	More than 100	26.55
Q4 2017	More than 100	17.20
Q2 2018	44.94	34.77
Q4 2018	21.00	17.64
Q2 2019	18.80	15.71
Q4 2019	21.10	16.18
Q2 2020	22.38	15.85

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2010	-	-
2011	-	-
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	More than 100	41.40
2017	More than 100	17.20
2018	21.00	17.64
2019	21.10	16.18

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	0.08	0.06	10.01	10.34
H2 2016	0.19	0.13	9.64	10.01
H1 2017	0.26	0.19	9.57	10.23
H2 2017	0.31	0.21	9.78	10.50
H1 2018	0.17	0.14	9.50	9.80
H2 2018	0.27	0.23	9.56	9.94
H1 2019	0.24	0.20	9.48	9.84
H2 2019	0.30	0.22	9.46	9.66
H1 2020	0.20	0.14	9.35	9.73

Period	Operating EPS	EPS	Book Value	Market Value
2015	(0.07)	(0.06)	9.94	9.99
2016	0.27	0.20	9.64	10.01
2017	0.57	0.40	9.78	10.50
2018	0.45	0.37	9.56	9.94
2019	0.54	0.41	9.46	9.66

Financial Ratios

	Current
Number of Units (Million)	171.69
Net Income/Unit ( Riyal)	0.13
Funds from operations/Unit ( Riyal)	0.32
P/E (X) (TTM)	More than 100
Current Price/FFO (X)	21.29
Par Value ( Riyal)	9.51
Price/book	0.80
Asset Growth (%)	(1.10 )
Revenue Growth (%)	4.0
Net Income Growth (%)	(75.65 )
Adjusted P/E (Last12) (X)	More than 100

Riyad REIT Fund (RIYAD REIT)

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Riyad REIT posts SAR 35 mln FFO, SAR 24 mln net profit in H1 2020

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Riyad REIT Fund (RIYAD REIT)

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