Jadwa REIT Saudi posts SAR 55.9 mln FFO, SAR 35.7 mln net profit in H1 2020
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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.
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 % |
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.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 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)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | 27.77 | 15.62 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.35 | 0.23 | 9.59 | 11.18 |
| Current | |
| Number of Units (Million) | 186.51 |
| Net Income/Unit ( Riyal) | 1.07 |
| Funds from operations/Unit ( Riyal) | 0.44 |
| P/E (X) (TTM) | 10.34 |
| Current Price/FFO (X) | 24.98 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.13 |
| Asset Growth (%) | (9.74 ) |
| Revenue Growth (%) | (10.85 ) |
| Net Income Growth (%) | 279.5 |
| Adjusted P/E (Last12) (X) | 11.18 |
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