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Al Rajhi REIT posts SAR 80.1 mln FFO, SAR 175.1 mln loss in 2021
31/03/2022
Argaam Exclusive
Al Rajhi REIT Fund reported a net loss of SAR 175.1 million in 2021 from a net profit of SAR 12.5 million in 2020, fund manager Al Rajhi Capital said in a bourse statement.
Funds from operations (FFO) stood at SAR 80.1 million in 2021, from SAR 105.1 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 168.86 | 130.28 | (22.8 %) |
| Funds from Operations(FFO) | 105.06 | 75.49 | (28.1 %) |
| Net Income | 12.45 | (175.08) | (1506.0 %) |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.65 | 0.47 | (28.1 %) |
| EPS (Riyals) | 0.08 | (1.08) | (1506.0 %) |
The losses were attributed to lower rental revenue and higher provision of impairment on investment properties.
This came despite the decrease in administrative fees and financing charges, as well as the increase in other revenue.
Interim Comparasion (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Rental Income | 83.90 | 47.95 | (42.8 %) |
| Funds from Operations(FFO) | 50.92 | 29.92 | (41.3 %) |
| Net Income | 30.11 | (15.82) | (152.5 %) |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.31 | 0.18 | (41.3 %) |
| EPS (Riyals) | 0.19 | (0.10) | (152.5 %) |
Balance Sheet (Million)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 2,322.01 | 2,061.50 | (11.2 %) |
| Total Debt | 791.26 | 791.26 | - |
| Net assets attributable to the Unitholders Item | 1,511.58 | 1,245.86 | (17.6 %) |
| Market value of net assets | 1,577.51 | 1,297.21 | (17.8 %) |
Net asset value (NAV) stood at SAR 1.245 billion (SAR 7.7 per unit) at the end of 2021.
The market value of assets stood at SAR 1.297 billion in 2021, with market value per unit as fair value at SAR 8.01.
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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 2021 | 82.33 | (3.1 %) | 45.57 | (15.8 %) | (159.26) | (801.9 %) |
| H2 2021 | 47.95 | (42.8 %) | 29.92 | (41.3 %) | (15.82) | (152.5 %) |
| 2021 | 130.28 | (22.8 %) | 75.49 | (28.1 %) | (175.08) | (1506.0 %) |
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 2021 | 2,122.45 | (9.2 %) | 791.26 | 0.0 % | 1,307.00 | (14.4 %) | 1,333.56 | (15.6 %) |
| H2 2021 | 2,061.50 | (11.2 %) | 791.26 | 0.0 % | 1,245.86 | (17.6 %) | 1,297.21 | (17.8 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | NEG | 19.93 |
| Q4 2021 | NEG | 23.41 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.28 | (0.98) | 8.08 | 8.24 |
| H2 2021 | 0.18 | (0.10) | 7.70 | 8.01 |
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