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Swicorp Wabel REIT posts SAR 21.1 mln FFO, SAR 151.1 mln net loss in 2020
31/03/2021
Argaam Exclusive
Swicorp Wabel REIT Fund reported a net loss of SAR 151.05 million (SAR 1.28/unit) for 2020, against a net profit of SAR 59.3 million a year earlier.
Funds from operations (FFO) slumped 47% to SAR 21.09 million in 2020 from SAR 39.6 million in 2019.
The losses were attributed to recording an impairment of real estate investment provision of SAR 151.35 million, compared to a provision reversal a year earlier. A decline in other revenues also weighed on the fund’s full-year financials.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 103.69 | 54.17 | (47.8 %) |
| Funds from Operations(FFO) | 51.58 | 21.57 | (58.2 %) |
| Net Income | 59.29 | (151.05) | (354.7 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.44 | 0.18 | (58.2 %) |
| EPS (Riyals) | 0.50 | (1.28) | (354.7 %) |
Interim Comparasion (M)
| Item | H2 2019 | H2 2020 | Change |
|---|---|---|---|
| Rental Income | 48.37 | 21.07 | (56.4 %) |
| Funds from Operations(FFO) | 15.37 | (0.10) | (100.6 %) |
| Net Income | 32.95 | (10.04) | (130.5 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.13 | 0.00 | (100.6 %) |
| EPS (Riyals) | 0.28 | (0.09) | (130.5 %) |
Balance Sheet (Million)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 1,186.67 | 982.36 | (17.2 %) |
| Total Debt | 8.30 | 7.99 | (3.7 %) |
| Net assets attributable to the Unitholders Item | 1,149.51 | 947.72 | (17.6 %) |
| Market value of net assets | 1,164.18 | 947.72 | (18.6 %) |
Net asset value (NAV) stood at SAR 947.72 million, while the NAV per unit reached SAR 8.03 during the year.
The market value of assets reached SAR 947.72 million, with per unit market value stood at SAR 8.03.
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Share Price
Alinma Retail REIT Fund (ALINMA RETAIL REIT)
| Current | |
| Number of Units (Million) | 118.00 |
| Net Income/Unit ( Riyal) | (0.59 ) |
| Funds from operations/Unit ( Riyal) | 0.01 |
| P/E (X) (TTM) | NEG |
| Current Price/FFO (X) | 588.76 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.72 |
| Asset Growth (%) | 11.5 |
| Revenue Growth (%) | 12.3 |
| Net Income Growth (%) | (281.89 ) |
| Adjusted P/E (Last12) (X) | Neg |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 33.10 | (40.2 %) | 21.66 | (40.2 %) | (141.01) | (635.2 %) |
| H2 2020 | 21.07 | (56.4 %) | (0.10) | (100.6 %) | (10.04) | (130.5 %) |
| 2020 | 54.17 | (47.8 %) | 21.57 | (58.2 %) | (151.05) | (354.7 %) |
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 | 1,011.00 | (12.7 %) | 8.47 | (3.4 %) | 957.76 | (14.2 %) | 957.76 | (14.5 %) |
| H2 2020 | 982.36 | (17.2 %) | 7.99 | (3.7 %) | 947.72 | (17.6 %) | 947.72 | (18.6 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | NEG | 19.69 |
| Q4 2020 | NEG | 40.54 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.18 | (1.19) | 8.12 | 8.12 |
| H2 2020 | 0.00 | (0.09) | 8.03 | 8.03 |
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