Jadwa REIT Saudi earns SAR 82.9M FFO in 2023; net profit at SAR 200.3M

31/03/2024 Argaam Exclusive

Jadwa REIT Saudi Fund reported a net profit of SAR 200.3 million (SAR 1.07 per unit) for 2023, compared to a net profit of SAR 77.6 million in 2022.

 

Funds from operations (FFO) declined to nearly SAR 82.9 million in 2023, compared to SAR 99.7 million in the same period a year ago.



Financials (M)

Item 2022 2023 Change‬
Rental Income 158.45 141.25 (10.9 %)
Funds from Operations(FFO) 74.84 82.89 10.8 %
Net Income 52.77 200.27 279.5 %
No of shares 186.51 186.51 -
Operating EPS (Riyals) 0.40 0.44 10.8 %
EPS (Riyals) 0.28 1.07 279.5 %

This was spurred by higher gains from investments in associates to SAR 54 million and increased realized gains from fair value assets, in addition to firmer revenue from financing.

 

This was despite recording lower revenues of SAR 141.25 million for 2023 versus SAR 158.4 million in 2022, along with soaring financing costs for the year.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 76.24 73.55 (3.5 %)
Funds from Operations(FFO) 14.46 55.08 280.9 %
Net Income 7.14 158.79 2123.6 %
No of shares 186.51 186.51 -
Operating EPS (Riyals) 0.08 0.30 280.9 %
EPS (Riyals) 0.04 0.85 2123.6 %

Net asset value (NAV) stood at SAR 1.83 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 9.81.

 

The market value of assets stood at SAR 2.11 billion by the end of 2023, with a market value per unit of SAR 11.36.

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 2,293.69 2,070.24 (9.7 %)
Total Debt 451.24 202.12 (55.2 %)
Net assets attributable to the Unitholders Item 1,779.49 1,830.56 2.9 %
Market value of net assets 2,018.54 2,118.98 5.0 %

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Share Price

Jadwa REIT Saudi Fund
10.38
(0.08) (0.76 %)

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) 11.39
Current Price/FFO (X) 18.71
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) 12.60
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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 %
H2 2022 76.24 3.1 % 14.46 (73.0 %) 7.14 780.6 %
H1 2023 67.71 (17.6 %) 27.81 (53.9 %) 41.48 (9.1 %)
H2 2023 73.55 (3.5 %) 55.08 280.9 % 158.79 2123.6 %
2023 141.25 (10.9 %) 82.89 10.8 % 200.27 279.5 %

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 %
H2 2022 2,293.69 (6.9 %) 451.24 (24.8 %) 1,779.49 (3.9 %) 2,018.54 (3.6 %)
H1 2023 2,215.60 (9.2 %) 452.85 (24.5 %) 1,746.37 (4.2 %) 1,999.83 (3.8 %)
H2 2023 2,070.24 (9.7 %) 202.12 (55.2 %) 1,830.56 2.9 % 2,118.98 5.0 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2022 45.59 32.15
Q2 2023 More than 100 More than 100
Q4 2023 12.48 30.15

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
H2 2022 0.08 0.04 9.54 10.82
H1 2023 0.15 0.22 9.36 10.72
H2 2023 0.30 0.85 9.81 11.36

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