Jadwa REIT Saudi posts SAR 112.3 mln FFO, SAR 154.1 mln net profit in 2020

Jadwa REIT Saudi Fund rose to a net profit of SAR 154.1 million (SAR 0.98/unit) for 2020, from a net profit of SAR 76.7 million a year earlier.

Funds from operations (FFO) fell 1% to SAR 112.3 million in 2020 from SAR 113.5 million in 2019.

The increase in profit was attributed to higher revenue despite the rise in financing cost.

Financials (M)

Item	2019	2020	Change‬
Rental Income	133.73	136.63	2.2 %
Funds from Operations(FFO)	113.52	112.29	(1.1 %)
Net Income	76.65	154.09	101.0 %
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.72	0.71	(1.1 %)
EPS (Riyals)	0.49	0.98	101.0 %

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	68.18	69.99	2.7 %
Funds from Operations(FFO)	58.17	57.38	(1.4 %)
Net Income	39.42	118.42	200.4 %
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.37	0.36	(1.4 %)
EPS (Riyals)	0.25	0.75	200.4 %

Item	H1 2020	H2 2020	Change‬
Rental Income	66.64	69.99	5.0 %
Funds from Operations(FFO)	54.91	57.38	4.5 %
Net Income	35.67	118.42	231.9 %
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.35	0.36	4.5 %
EPS (Riyals)	0.23	0.75	231.9 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,680.99	2,161.63	28.6 %
Total Debt	127.77	573.12	348.6 %
Net assets attributable to the Unitholders Item	1,537.70	1,576.45	2.5 %
Market value of net assets	1,765.57	1,850.01	4.8 %

Net asset value (NAV) stood at SAR 1.57645 billion, while the NAV per unit reached SAR 9.98 during the year.

The market value of assets reached SAR 1.85 billion, with per unit market value stood at SAR 11.71.

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Share Price

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

	Current
Number of Units (Million)	186.51
Net Income/Unit ( Riyal)	0.91
Funds from operations/Unit ( Riyal)	0.56
P/E (X) (TTM)	11.46
Current Price/FFO (X)	18.82
Par Value ( Riyal)	10.00
Price/book	1.10
Asset Growth (%)	5.5
Revenue Growth (%)	11.0
Net Income Growth (%)	250.2
Adjusted P/E (Last12) (X)	12.68

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2018	52.13	-	45.57	-	27.92	-
H2 2018	65.43	-	57.74	-	39.57	-
2018	117.56	-	103.31	-	67.49	-
H1 2019	65.55	25.8 %	55.35	21.5 %	37.23	33.3 %
H2 2019	68.18	4.2 %	58.17	0.7 %	39.42	(0.4 %)
2019	133.73	13.8 %	113.52	9.9 %	76.65	13.6 %
H1 2020	66.64	1.7 %	54.91	(0.8 %)	35.67	(4.2 %)
H2 2020	69.99	2.7 %	57.38	(1.4 %)	118.42	200.4 %
2020	136.63	2.2 %	112.29	(1.1 %)	154.09	101.0 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	117.56	-	103.31	-	67.49	-
2019	133.73	13.8 %	113.52	9.9 %	76.65	13.6 %
2020	136.63	2.2 %	112.29	(1.1 %)	154.09	101.0 %

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	1,608.42	-	-	-	1,592.12	-	1,742.35	-
H2 2018	1,581.78	-	-	-	1,574.81	-	1,743.21	-
H1 2019	1,590.69	(1.1 %)	27.10	-	1,555.15	(2.3 %)	1,746.99	0.3 %
H2 2019	1,680.99	6.3 %	127.77	-	1,537.70	(2.4 %)	1,765.57	1.3 %
H1 2020	1,655.50	4.1 %	123.12	354.3 %	1,514.91	(2.6 %)	1,766.46	1.1 %
H2 2020	2,161.63	28.6 %	573.12	348.5 %	1,576.45	2.5 %	1,850.01	4.8 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,581.78	-	-	-	1,574.81	-	1,743.21	-
2019	1,680.99	6.3 %	127.77	-	1,537.70	(2.4 %)	1,765.57	1.3 %
2020	2,161.63	28.6 %	573.12	348.5 %	1,576.45	2.5 %	1,850.01	4.8 %

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
Q2 2011	-	-
Q4 2011	-	-
Q2 2012	-	-
Q4 2012	-	-
Q2 2013	-	-
Q4 2013	-	-
Q2 2014	-	-
Q4 2014	-	-
Q2 2015	-	-
Q4 2015	-	-
Q2 2016	-	-
Q4 2016	-	-
Q2 2017	-	-
Q4 2017	-	-
Q2 2018	-	-
Q4 2018	24.04	13.31
Q2 2019	22.59	12.99
Q4 2019	27.25	15.59
Q2 2020	27.77	15.62
Q4 2020	16.95	19.70

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2011	-	-
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	24.04	13.31
2019	27.25	15.59
2020	16.95	19.70

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2018	0.29	0.18	10.08	11.03
H2 2018	0.37	0.25	9.97	11.03
H1 2019	0.35	0.24	9.84	11.06
H2 2019	0.37	0.25	9.73	11.17
H1 2020	0.35	0.23	9.59	11.18
H2 2020	0.36	0.75	9.98	11.71

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.65	0.43	9.97	11.03
2019	0.72	0.49	9.73	11.17
2020	0.71	0.98	9.98	11.71

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Jadwa REIT Saudi posts SAR 112.3 mln FFO, SAR 154.1 mln net profit in 2020

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

View other reports

Share Price

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

Financial Ratios

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

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