Financial Results : Al Rajhi REIT reports SAR 54 mln FFO, net loss at SAR 18 mln in H1 2020

Al Rajhi REIT reports SAR 54 mln FFO, net loss at SAR 18 mln in H1 2020

13/08/2020 Argaam Exclusive

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Al Rajhi REIT Fund reported net losses of SAR 17.7 million (SAR 0.11/unit) for the first half of 2020, versus net profit of SAR 30.1 million in year-earlier period, Al Rajhi Capital, the fund manager said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 54.1 million in H1 2020, compared to SAR 37.9 million in a year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 56.29 84.96 50.9 %
Funds from Operations(FFO) 37.92 54.13 42.8 %
Net Income 30.05 (17.66) (158.8 %)
No of shares 122.21 161.86 32.4 %
Operating EPS (Riyals) 0.31 0.33 7.8 %
EPS (Riyals) 0.25 (0.11) (144.4 %)

These losses were driven by higher administrative fees, higher other expenses, increased amortization of real estate investments and the allocation of provisions for property impairment during the six-month period.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,724.08 2,338.00 35.6 %
Total Debt 456.91 791.25 73.2 %
Net assets attributable to the Unitholders Item 1,242.51 1,526.79 22.9 %
Market value of net assets 1,242.96 1,580.26 27.1 %

Net asset value (NAV) stood at SAR 1.5 billion by the end of June 30, 2020, with a net book value per unit at SAR 9.43.

 

Net asset value as fair value stood at SAR 1.58 billion in H1 2020, with net asset value per unit as fair value at SAR 9.76.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 37.24 - 25.87 - 20.37 -
H2 2018 54.60 - 37.27 - 29.28 -
H1 2019 56.29 51.1 % 37.92 46.6 % 30.05 47.5 %
H2 2019 59.64 9.2 % 34.82 (6.6 %) 26.06 (11.0 %)
H1 2020 84.96 50.9 % 54.13 42.8 % (17.66) (158.8 %)

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 1,687.90 - 399.91 - 1,242.38 - 1,146.94 -
H2 2018 1,740.37 - 456.91 - 1,250.41 - 1,232.64 -
H1 2019 1,724.08 2.1 % 456.91 14.3 % 1,242.51 0.0 % 1,242.96 8.4 %
H2 2019 2,386.20 37.1 % 791.25 73.2 % 1,578.44 26.2 % 1,603.66 30.1 %
H1 2020 2,338.00 35.6 % 791.25 73.2 % 1,526.79 22.9 % 1,580.26 27.1 %

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 45.30 15.79
Q2 2019 40.42 14.14
Q4 2019 47.45 21.49
Q2 2020 More than 100 15.52

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.21 0.17 10.17 9.39
H2 2018 0.30 0.24 10.23 10.09
H1 2019 0.31 0.25 10.17 10.17
H2 2019 0.22 0.16 9.75 9.91
H1 2020 0.33 (0.11) 9.43 9.76


Financial Ratios
Current
Number of Units (Million) 275.61
Net Income/Unit ( Riyal) 0.52
Funds from operations/Unit ( Riyal) 0.55
P/E (X) (TTM) 16.14
Current Price/FFO (X) 15.33
Par Value ( Riyal) 10.00
Price/book 1.04
Asset Growth (%) 0.7
Revenue Growth (%) 45.3
Net Income Growth (%) 185.5
Adjusted P/E (Last12) (X) 16.14
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Share Price

Al Rajhi REIT Fund
8.38
(0.01) (0.12 %)

Al Rajhi REIT Fund (Al RAJHI REIT)

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