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Bonyan REIT Fund posts SAR 83.5 mln FFO, SAR 45.41 mln net profit in 2020
30/03/2021
Argaam Exclusive
Bonyan REIT Fund reported a net profit of SAR 45.4 million (SAR 0.28/unit) for 2020, a fall of 49% from SAR 88.5 million a year earlier, Saudi Fransi Capital, fund manager, said in a bourse filing.
Funds from operations (FFO) dropped 24% to SAR 83.49 million in 2020 from SAR 110.3 million in 2019.
The decline was attributed to an increase of SAR 3.49 million in finance costs, lower revenue and the reversal of real estate investment impairment losses.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 212.99 | 171.49 | (19.5 %) |
| Funds from Operations(FFO) | 110.31 | 83.49 | (24.3 %) |
| Net Income | 88.46 | 45.41 | (48.7 %) |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.68 | 0.51 | (24.3 %) |
| EPS (Riyals) | 0.54 | 0.28 | (48.7 %) |
Interim Comparasion (M)
| Item | H2 2019 | H2 2020 | Change |
|---|---|---|---|
| Rental Income | 109.89 | 103.14 | (6.1 %) |
| Funds from Operations(FFO) | 55.10 | 53.88 | (2.2 %) |
| Net Income | 56.13 | 38.03 | (32.2 %) |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.34 | 0.33 | (2.2 %) |
| EPS (Riyals) | 0.34 | 0.23 | (32.2 %) |
Balance Sheet (Million)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 1,752.49 | 1,741.81 | (0.6 %) |
| Total Debt | - | 190.43 | - |
| Net assets attributable to the Unitholders Item | 1,449.29 | 1,429.70 | (1.4 %) |
| Market value of net assets | 1,652.71 | 1,631.37 | (1.3 %) |
Net asset value (NAV) stood at SAR 1.429 billion, while the NAV per unit reached SAR 8.78 during the year.
The market value of assets reached SAR 1.631 billion, with per unit market value stood at SAR 10.02.
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Share Price
Bonyan REIT Fund (BONYAN REIT)
| Current | |
| Number of Units (Million) | 162.88 |
| Net Income/Unit ( Riyal) | 0.76 |
| Funds from operations/Unit ( Riyal) | 0.83 |
| P/E (X) (TTM) | 12.81 |
| Current Price/FFO (X) | 11.77 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.15 |
| Asset Growth (%) | 8.0 |
| Revenue Growth (%) | 2.0 |
| Net Income Growth (%) | 76.2 |
| Adjusted P/E (Last12) (X) | 12.81 |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 68.35 | (33.7 %) | 29.62 | (46.4 %) | 7.39 | (77.2 %) |
| H2 2020 | 103.14 | (6.1 %) | 53.88 | (2.2 %) | 38.03 | (32.2 %) |
| 2020 | 171.49 | (19.5 %) | 83.49 | (24.3 %) | 45.41 | (48.7 %) |
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 | 1,749.57 | (0.2 %) | 149.85 | - | 1,436.67 | (1.1 %) | 1,650.19 | 3.3 % |
| H2 2020 | 1,741.81 | (0.6 %) | 190.43 | - | 1,429.70 | (1.4 %) | 1,631.37 | (1.3 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | 20.98 | 15.73 |
| Q4 2020 | 31.85 | 17.32 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.18 | 0.05 | 8.82 | 10.13 |
| H2 2020 | 0.33 | 0.23 | 8.78 | 10.02 |
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