Jadwa REIT Saudi posts SAR 55.9 mln FFO, SAR 35.7 mln net profit in H1 2020

25/08/2020 Argaam Exclusive

Jadwa REIT Saudi Fund posted a net profit of SAR 35.67 million (SAR 0.23 per unit) for the first half of 2020, compared to SAR 37.23 million for the same period last year, according to a bourse filing by Jadwa Investment, the fund manager, on Tuesday.

 

Funds from operations (FFO) reached SAR 55.90 million during the six-month period, compared to SAR 57.25 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 65.55 66.64 1.7 %
Funds from Operations(FFO) 55.35 54.91 (0.8 %)
Net Income 37.23 35.67 (4.2 %)
No of shares 158.00 158.00 -
Operating EPS (Riyals) 0.35 0.35 (0.8 %)
EPS (Riyals) 0.24 0.23 (4.2 %)

The decline in net profit was mainly attributed to higher financing charges, management fees, custody fees and other expenses, in addition to depreciation of operating investments.



Net asset value (NAV) stood at SAR 1.515 billion, while the NAV per unit reached SAR 9.59 as of June 30, 2020.

 

The market value of assets reached SAR 1.766 billion in H1 2020, while the per unit market value stood at SAR 11.18.

Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,590.69 1,655.50 4.1 %
Total Debt 27.10 123.12 354.3 %
Net assets attributable to the Unitholders Item 1,555.15 1,514.91 (2.6 %)
Market value of net assets 1,746.99 1,766.46 1.1 %

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Share Price

Jadwa REIT Saudi Fund
10.12
(0.10) (0.98 %)

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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Financial Ratios
Current
Number of Units (Million) 186.51
Net Income/Unit ( Riyal) 0.91
Funds from operations/Unit ( Riyal) 0.56
P/E (X) (TTM) 11.08
Current Price/FFO (X) 18.21
Par Value ( Riyal) 10.00
Price/book 1.07
Asset Growth (%) 5.5
Revenue Growth (%) 11.0
Net Income Growth (%) 250.2
Adjusted P/E (Last12) (X) 12.26
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Financial results (Million)

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 -
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 %)
H1 2020 66.64 1.7 % 54.91 (0.8 %) 35.67 (4.2 %)

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 %

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

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

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