Jadwa REIT Saudi’s H1 2022 FFO up 13% to SAR 60.4 mln, net profit at SAR 45.6 mln

25/08/2022 Argaam Exclusive

Jadwa REIT Saudi Fund posted a 69% leap in H1 2022 net profit to SAR 45.6 million (SAR 0.24 per unit), compared to SAR 27 million a year earlier.

 

Funds from operations (FFO) jumped 13% to SAR 60.4 million in the six-month period, from SAR 53.4 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 71.23 82.22 15.4 %
Funds from Operations(FFO) 53.44 60.38 13.0 %
Net Income 27.04 45.63 68.8 %
No of shares 158.00 186.51 18.0 %
Operating EPS (Riyals) 0.34 0.32 (4.3 %)
EPS (Riyals) 0.17 0.24 43.0 %

The fund was buoyed by higher revenue. It also received SAR 13.5 million dividends. The fund reported a decline in net loss from financial assets at fair value.

 

The higher profit came despite increased expenses and depreciation of real estate investments.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 2,186.50 2,440.26 11.6 %
Total Debt 603.12 599.60 (0.6 %)
Net assets attributable to the Unitholders Item 1,543.45 1,822.08 18.1 %
Market value of net assets 1,761.11 2,078.99 18.0 %

Net asset value (NAV) stood at SAR 1.882 billion by the end of H1 2022, while net book value per unit reached SAR 9.77.

 

The market value of assets also reached SAR 2.078 billion as of June 30, 2022, while net value per unit reached SAR 11.15.

 

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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 %)
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 %)
H2 2021 73.97 5.7 % 53.47 (6.8 %) 0.81 (99.3 %)
H1 2022 82.22 15.4 % 60.38 13.0 % 45.63 68.8 %

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 %)
H2 2021 2,462.55 13.9 % 599.99 4.7 % 1,851.06 17.4 % 2,093.10 13.1 %
H1 2022 2,440.26 11.6 % 599.60 (0.6 %) 1,822.08 18.1 % 2,078.99 18.1 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2021 More than 100 26.13
Q2 2022 46.99 19.17

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
H2 2021 0.29 0.00 9.92 11.22
H1 2022 0.32 0.24 9.77 11.15

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