AlJazira REIT’s H1 2022 FFO rises to SAR 2.2 mln, net profit up 3% to SAR 2.7 mln

AlJazira REIT’s H1 2022 FFO rises to SAR 2.2 mln, net profit up 3% to SAR 2.7 mln

25/08/2022 Argaam Exclusive

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AlJazira REIT Fund recorded a 3% rise in H1 2022 net profit to SAR 2.7 million (SAR 0.23 per unit), compared to SAR 2.6 million a year earlier.

 

Funds from operations (FFO) climbed 16% to SAR 2.2 million in the six-month period, from SAR 1.9 million in the year-ago period. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 2.53 3.08 21.9 %
Funds from Operations(FFO) 1.86 2.16 15.9 %
Net Income 2.60 2.68 3.0 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.16 0.18 15.9 %
EPS (Riyals) 0.22 0.23 3.0 %

This came as rental income increased by 22% year-on-year (YoY) in H1 2022, in addition to a rise in other revenues.

 

On the other hand, the fund recorded a reversal of impairment in investment properties of SAR 945,000 in H1 2022, compared to SAR 1.2 in the same period a year-ago.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 87.34 86.85 (0.6 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 84.83 85.22 0.5 %
Market value of net assets 84.10 85.22 1.3 %

Net asset value (NAV) stood at SAR 85.22 million by the end of H1 2022, while net book value per unit reached SAR 7.22.

 

The market value of assets stood at SAR 85.22 million as of June 30, 2022, with market value per unit at SAR 7.22.

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2017 4.00 - 3.12 - 3.12 -
H2 2017 5.01 - 3.95 - 3.17 -
H1 2018 4.75 18.7 % 3.82 22.5 % 3.41 9.3 %
H2 2018 4.81 (3.9 %) 3.74 (5.5 %) (3.01) (195.1 %)
H1 2019 2.45 (48.4 %) 1.68 (56.0 %) (2.83) (183.2 %)
H2 2019 2.72 (43.5 %) 1.91 (48.8 %) 2.60 186.2 %
H1 2020 3.10 26.5 % (2.03) (220.5 %) (5.29) (86.5 %)
H2 2020 2.97 9.3 % 0.77 (59.5 %) (18.61) (816.6 %)
H1 2021 2.53 (18.5 %) 1.86 191.8 % 2.60 149.3 %
H2 2021 2.71 (8.8 %) 1.47 89.9 % 1.69 109.1 %
H1 2022 3.08 21.9 % 2.16 15.9 % 2.68 3.0 %

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 2014 - - - - - - - -
H2 2014 - - - - - - - -
H1 2015 - - - - - - - -
H2 2015 - - - - - - - -
H1 2017 124.78 - - - 121.12 - 120.02 -
H2 2017 123.71 - - - 121.34 - 115.76 -
H1 2018 127.32 2.0 % - - 124.74 3.0 % 119.24 (0.7 %)
H2 2018 118.17 (4.5 %) - - 115.80 (4.6 %) 114.14 (1.4 %)
H1 2019 115.05 (9.6 %) - - 107.07 (14.2 %) 103.44 (13.3 %)
H2 2019 111.85 (5.3 %) - - 109.67 (5.3 %) 100.61 (11.9 %)
H1 2020 105.41 (8.4 %) - - 104.38 (2.5 %) 95.25 (7.9 %)
H2 2020 84.44 (24.5 %) - - 82.23 (25.0 %) 82.23 (18.3 %)
H1 2021 87.34 (17.1 %) - - 84.83 (18.7 %) 84.10 (11.7 %)
H2 2021 85.22 0.9 % - - 82.53 0.4 % 82.53 0.4 %
H1 2022 86.85 (0.6 %) - - 85.22 0.4 % 85.22 1.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 32.95 29.28
Q2 2018 24.95 21.10
Q4 2018 More than 100 22.52
Q2 2019 NEG 28.15
Q4 2019 NEG 41.00
Q2 2020 NEG NEG
Q4 2020 NEG NEG
Q2 2021 NEG More than 100
Q4 2021 More than 100 More than 100
Q2 2022 48.94 More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2017 0.26 0.26 10.26 10.17
H2 2017 0.34 0.27 10.28 9.81
H1 2018 0.32 0.29 10.57 10.10
H2 2018 0.32 (0.26) 9.81 9.67
H1 2019 0.14 (0.24) 9.07 8.77
H2 2019 0.16 0.22 9.29 8.53
H1 2020 (0.17) (0.45) 8.85 8.07
H2 2020 0.07 (1.58) 6.97 6.97
H1 2021 0.16 0.22 7.19 7.13
H2 2021 0.12 0.14 6.99 6.99
H1 2022 0.18 0.23 7.22 7.22


Financial Ratios
Current
Number of Units (Million) 11.80
Net Income/Unit ( Riyal) 0.79
Funds from operations/Unit ( Riyal) 0.37
P/E (X) (TTM) 19.24
Current Price/FFO (X) 41.70
Par Value ( Riyal) 10.00
Price/book 1.93
Asset Growth (%) 6.2
Revenue Growth (%) 2.3
Net Income Growth (%) 54.2
Adjusted P/E (Last12) (X) 19.24
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Share Price

AlJazira REIT
15.30
0.06 0.39 %

AlJazira REIT (ALJAZIRA REIT)

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