Derayah REIT’s FFO down 18% to SAR 37.8 mln, net profit at SAR 27 mln in H1 2022

25/08/2022 Argaam Exclusive

Derayah REIT Fund posted a net profit of SAR 27.31 million (SAR 0.25 per unit) in the first half of 2022, a slight increase from SAR 27.29 million a year earlier.

 

Funds from operations (FFO) stood at SAR 37.76 million in the six-month period, a drop of 18% from SAR 45.9 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 65.13 62.29 (4.4 %)
Funds from Operations(FFO) 45.99 37.76 (17.9 %)
Net Income 27.29 27.31 0.0 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.43 0.35 (17.9 %)
EPS (Riyals) 0.25 0.25 0.0 %

The profit increase was driven by recording a SAR 2.69 million reversal in provision for impairment in real estate investments against a provision of SAR 5.62 million for impairment in real estate investments.

 

The higher profit came despite an increase in finance costs and a 4% decline YoY in rental income.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,711.90 1,688.66 (1.4 %)
Total Debt 747.98 747.98 -
Net assets attributable to the Unitholders Item 930.54 898.71 (3.4 %)
Market value of net assets 932.87 898.91 (3.6 %)

Net asset value (NAV) stood at SAR 898.71 million by the end of H1 2022, while net book value per unit reached SAR 8.36.

 

The market value of assets stood at SAR 898.91 million as of June 30, 2022, with market value per unit at SAR 8.36.

 

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Share Price

Derayah REIT Fund
6.03
(0.06) (0.99 %)

Derayah REIT Fund (DERAYAH REIT)

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Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.88
Current Price/FFO (X) 27.31
Par Value ( Riyal) 10.00
Price/book 0.73
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.88
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 36.95 - 27.56 - 21.56 -
H2 2018 46.98 - 28.59 - 14.91 -
H1 2019 59.36 60.7 % 37.23 35.1 % 25.35 17.6 %
H2 2019 61.83 31.6 % 43.69 52.8 % (5.13) (134.4 %)
H1 2020 56.55 (4.7 %) 37.40 0.5 % 7.55 (70.2 %)
H2 2020 64.84 4.9 % 39.71 (9.1 %) 7.37 243.6 %
H1 2021 65.13 15.2 % 45.99 23.0 % 27.29 261.4 %
H2 2021 65.08 0.4 % 23.14 (41.7 %) 18.27 147.8 %
H1 2022 62.29 (4.4 %) 37.76 (17.9 %) 27.31 0.0 %

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 2018 1,206.20 - 96.94 - 1,085.63 - 1,112.55 -
H2 2018 1,571.75 - 470.13 - 1,061.62 - 1,070.60 -
H1 2019 1,554.56 28.9 % 474.41 389.4 % 1,046.76 (3.6 %) 1,041.87 (6.4 %)
H2 2019 1,609.36 2.4 % 579.98 23.4 % 1,001.42 (5.7 %) 1,003.34 (6.3 %)
H1 2020 1,573.84 1.2 % 589.40 24.2 % 968.76 (7.5 %) 990.80 (4.9 %)
H2 2020 1,725.48 7.2 % 747.98 29.0 % 944.53 (5.7 %) 961.54 (4.2 %)
H1 2021 1,711.90 8.8 % 747.98 26.9 % 930.54 (3.9 %) 932.87 (5.8 %)
H2 2021 1,694.72 (1.8 %) 747.98 0.0 % 910.11 (3.6 %) 910.75 (5.3 %)
H1 2022 1,688.66 (1.4 %) 747.98 0.0 % 898.71 (3.4 %) 898.91 (3.6 %)

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 - -
Q2 2018 - -
Q4 2018 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93
Q4 2020 More than 100 15.61
Q2 2021 41.06 16.61
Q4 2021 29.97 19.75
Q2 2022 25.81 19.31

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.26 0.20 10.10 10.35
H2 2018 0.27 0.14 9.87 9.96
H1 2019 0.35 0.24 9.74 9.69
H2 2019 0.41 (0.05) 9.31 9.33
H1 2020 0.35 0.07 9.01 9.22
H2 2020 0.37 0.07 8.79 8.94
H1 2021 0.43 0.25 8.66 8.68
H2 2021 0.22 0.17 8.47 8.47
H1 2022 0.35 0.25 8.36 8.36

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