Jadwa REIT Saudi posts SAR 46.1 mln FFO, SAR 27 mln net profit in H1 2021

Jadwa REIT Saudi posts SAR 46.1 mln FFO, SAR 27 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Jadwa REIT Saudi Fund reported net profit of SAR 27 mln (SAR 0.17/unit) for H1 2021, a decline of 24% year-on-year (YoY), Jadwa Investment, the fund manager, said in a bourse statement today, Aug. 19, 2021.

 

Funds from operations (FFO) reached SAR 46.1 million during the six-month period, compared to SAR 54.9 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 66.64 71.23 6.9 %
Funds from Operations(FFO) 54.91 53.44 (2.7 %)
Net Income 35.67 27.04 (24.2 %)
No of shares 158.00 158.00 -
Operating EPS (Riyals) 0.35 0.34 (2.7 %)
EPS (Riyals) 0.23 0.17 (24.2 %)

The profit drop was driven by higher expenses and increased cost of finance.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,655.50 2,186.50 32.1 %
Total Debt 123.12 603.12 389.9 %
Net assets attributable to the Unitholders Item 1,514.91 1,543.45 1.9 %
Market value of net assets 1,766.46 1,761.11 (0.3 %)

Net asset value (NAV) stood at SAR 1.54 billion, while the NAV per unit reached SAR 9.77 during the six-month period.

 

The market value of assets reached SAR 1.76 billion, with per unit market value stood at SAR 11.15.

 

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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 %)
H2 2020 69.99 2.7 % 57.38 (1.4 %) 118.42 200.4 %
H1 2021 71.23 6.9 % 53.44 (2.7 %) 27.04 (24.2 %)

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 %
H2 2020 2,161.63 28.6 % 573.12 348.5 % 1,576.45 2.5 % 1,850.01 4.8 %
H1 2021 2,186.50 32.1 % 603.12 389.9 % 1,543.45 1.9 % 1,761.11 (0.3 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 20.18 22.44

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
H1 2021 0.34 0.17 9.77 11.15


Financial Ratios
Current
Number of Units (Million) 186.51
Net Income/Unit ( Riyal) 1.07
Funds from operations/Unit ( Riyal) 0.44
P/E (X) (TTM) 10.32
Current Price/FFO (X) 24.93
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) 11.16
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Share Price

Jadwa REIT Saudi Fund
11.08
0.00 0.00 %

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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