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Al Rajhi REIT reports SAR 105.1 mln FFO, SAR 12.5 mln net profit in 2020
22/03/2021
Argaam Exclusive
Al Rajhi REIT Fund reported a 78% slump in 2020 net profit to SAR 12.5 million (SAR 0.08/unit) from SAR 56.10 million a year earlier, Al Rajhi Capital, the fund manager said in a bourse statement.
Funds from operations (FFO) stood at SAR 105.1 million in 2020, compared to SAR 82.74 million in 2019.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 115.93 | 168.86 | 45.6 % |
| Funds from Operations(FFO) | 72.74 | 105.06 | 44.4 % |
| Net Income | 56.10 | 12.45 | (77.8 %) |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.45 | 0.65 | 44.4 % |
| EPS (Riyals) | 0.35 | 0.08 | (77.8 %) |
These profit drop was attributed to SAR 64.9 million impairment on investment properties, a 48% rise year-on-year (YoY) in operating expenses and a 63% increase YoY in real estate investment depreciation.
Interim Comparasion (M)
| Item | H2 2019 | H2 2020 | Change |
|---|---|---|---|
| Rental Income | 59.64 | 83.90 | 40.7 % |
| Funds from Operations(FFO) | 34.82 | 50.92 | 46.2 % |
| Net Income | 26.06 | 30.11 | 15.5 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.22 | 0.31 | 46.2 % |
| EPS (Riyals) | 0.16 | 0.19 | 15.5 % |
Balance Sheet (Million)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 2,386.20 | 2,322.01 | (2.7 %) |
| Total Debt | 791.25 | 791.26 | 0.0 % |
| Net assets attributable to the Unitholders Item | 1,578.44 | 1,511.58 | (4.2 %) |
| Market value of net assets | 1,603.66 | 1,577.51 | (1.6 %) |
Net asset value (NAV) stood at SAR 1.511 billion by the end of 2020, with a net book value per unit at SAR 9.3.
Net asset value at fair value stood at SAR 1.578 billion in 2020, with net asset value per unit at fair value reached SAR 9.75.
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Share Price
Al Rajhi REIT Fund (Al RAJHI REIT)
| Current | |
| Number of Units (Million) | 275.61 |
| Net Income/Unit ( Riyal) | 0.52 |
| Funds from operations/Unit ( Riyal) | 0.55 |
| P/E (X) (TTM) | 16.16 |
| Current Price/FFO (X) | 15.35 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.05 |
| Asset Growth (%) | 0.7 |
| Revenue Growth (%) | 45.3 |
| Net Income Growth (%) | 185.5 |
| Adjusted P/E (Last12) (X) | 16.16 |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 84.96 | 50.9 % | 54.13 | 42.8 % | (17.66) | (158.8 %) |
| H2 2020 | 83.90 | 40.7 % | 50.92 | 46.2 % | 30.11 | 15.5 % |
| 2020 | 168.86 | 45.6 % | 105.06 | 44.4 % | 12.45 | (77.8 %) |
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 2020 | 2,338.00 | 35.6 % | 791.25 | 73.2 % | 1,526.79 | 22.9 % | 1,580.26 | 27.1 % |
| H2 2020 | 2,322.01 | (2.7 %) | 791.26 | 0.0 % | 1,511.58 | (4.2 %) | 1,577.51 | (1.6 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | More than 100 | 15.52 |
| Q4 2020 | More than 100 | 14.94 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.33 | (0.11) | 9.43 | 9.76 |
| H2 2020 | 0.31 | 0.19 | 9.34 | 9.75 |
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