Financial Results : AlAhli REIT Fund (1) posts SAR 29.7 mln FFO, SAR 1.6 mln net profit in H1 2020

AlAhli REIT Fund (1) posts SAR 29.7 mln FFO, SAR 1.6 mln net profit in H1 2020

19/08/2020 Argaam Exclusive

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AlAhli REIT Fund (1) reported a net profit of SAR 1.6 million (SAR 0.01/unit) during the first half of 2020, compared to SAR 30.7 million in the year-earlier period, NCB Capital, fund manager, said in a bourse filing on Wednesday.

 

Funds from operations (FFO) stood at SAR 29.7 million in H1 2020, compared to SAR 40.9 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 70.41 63.07 (10.4 %)
Funds from Operations(FFO) 40.85 29.69 (27.3 %)
Net Income 30.74 1.62 (94.7 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.30 0.22 (27.3 %)
EPS (Riyals) 0.22 0.01 (94.7 %)


Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,430.55 1,905.15 33.2 %
Total Debt - 501.63 -
Net assets attributable to the Unitholders Item 1,383.02 1,324.56 (4.2 %)
Market value of net assets 1,379.00 1,318.00 (4.4 %)

Net asset value (NAV) stood at SAR 1.32 billion, while the NAV per unit reached SAR 9.63 during the six months.

 

The number of issued units totaled 137.5 million, with a yield of 0.12%.

 

Total expenses and fees for the period stood at SAR 61.7 million.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 75.60 - 47.47 - 37.14 -
H2 2018 72.73 - 39.76 - 29.52 -
H1 2019 70.41 (6.9 %) 40.85 (13.9 %) 30.74 (17.2 %)
H2 2019 81.29 11.8 % 37.91 (4.7 %) 29.29 (0.8 %)
H1 2020 63.07 (10.4 %) 29.69 (27.3 %) 1.62 (94.7 %)

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 2018 1,464.37 - - - 1,412.14 - 1,389.48 -
H2 2018 1,450.19 - - - 1,396.97 - 1,416.96 -
H1 2019 1,430.55 (2.3 %) - - 1,383.02 (2.1 %) 1,379.00 (0.8 %)
H2 2019 1,694.37 16.8 % 253.05 - 1,367.62 (2.1 %) 1,396.62 (1.4 %)
H1 2020 1,905.15 33.2 % 501.63 - 1,324.56 (4.2 %) 1,318.00 (4.4 %)

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 16.01 12.23
Q2 2019 18.94 14.16
Q4 2019 21.76 16.59
Q2 2020 38.88 17.78

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.35 0.27 10.27 10.11
H2 2018 0.29 0.21 10.16 10.31
H1 2019 0.30 0.22 10.06 10.03
H2 2019 0.28 0.21 9.95 10.16
H1 2020 0.22 0.01 9.63 9.59


Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.24
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 29.33
Current Price/FFO (X) 17.12
Par Value ( Riyal) 10.00
Price/book 0.80
Asset Growth (%) 0.8
Revenue Growth (%) (1.60 )
Net Income Growth (%) (34.07 )
Adjusted P/E (Last12) (X) 29.33
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Share Price

AlAhli REIT Fund 1
7.09
(0.01) (0.14 %)

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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