Derayah REIT Fund posted a net profit of SAR 7.6 million (SAR 0.07/unit) for the first half of 2020, a 70% decline year-on-year (YoY), compared to SAR 25.4 million for the same period last year, according to a bourse filing by Derayah Financial, the fund manager, on Tuesday.
Funds from operations (FFO) reached SAR 34.8 million during the six-month period, compared to SAR 37.2 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 59.36 | 56.55 | (4.7 %) |
| Funds from Operations(FFO) | 37.23 | 37.40 | 0.5 % |
| Net Income | 25.35 | 7.55 | (70.2 %) |
| No of shares | 107.51 | 107.51 | - |
| Operating EPS (Riyals) | 0.35 | 0.35 | 0.5 % |
| EPS (Riyals) | 0.24 | 0.07 | (70.2 %) |
The decline is driven by a 5% decrease in rental income and SAR 17.5 million provisions for decline in the value of real estate investments, despite low finance cost and lower other expenses.
Net asset value (NAV) stood at SAR 968.8 million, while the NAV per unit reached SAR 9.01 as of June 30, 2020.
The market value of assets reached SAR 990.8 million in H1 2020, while the per unit market value stood at SAR 9.22.
The number of issued units totaled 107 million, with a yield of 3.74%.
Total expenses and fees for the period stood at SAR 21.7 million.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 1,554.56 | 1,573.84 | 1.2 % |
| Total Debt | 474.41 | 589.40 | 24.2 % |
| Net assets attributable to the Unitholders Item | 1,046.76 | 968.76 | (7.5 %) |
| Market value of net assets | 1,041.87 | 990.80 | (4.9 %) |
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 56.55 | (4.7 %) | 37.40 | 0.5 % | 7.55 | (70.2 %) |
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2020 | 1,573.84 | 1.2 % | 589.40 | 24.2 % | 968.76 | (7.5 %) | 990.80 | (4.9 %) |
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | More than 100 | 12.93 |
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.35 | 0.07 | 9.01 | 9.22 |
| Current | |
| Number of Units (Million) | 107.51 |
| Net Income/Unit ( Riyal) | 0.37 |
| Funds from operations/Unit ( Riyal) | 0.19 |
| P/E (X) (TTM) | 16.79 |
| Current Price/FFO (X) | 33.17 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.76 |
| Asset Growth (%) | (8.74 ) |
| Revenue Growth (%) | (15.95 ) |
| Net Income Growth (%) | (14.65 ) |
| Adjusted P/E (Last12) (X) | 16.79 |
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