Bonyan REIT posts FFO of SAR 126.7 mln, net profit of SAR 97.6 mln in 2022

30/03/2023 Argaam Exclusive

Bonyan REIT Fund recorded a 49% leap in 2022 net profit to SAR 97.6 million (SAR 0.6 per unit), from SAR 65.4 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Rental Income 219.48 246.68 12.4 %
Funds from Operations(FFO) 112.34 126.67 12.8 %
Net Income 65.40 97.58 49.2 %
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.69 0.78 12.8 %
EPS (Riyals) 0.40 0.60 49.2 %

Funds from operations (FFO) jumped 13% to SAR 126.7 million in the 12-month period, from SAR 112.3 million in 2021.

 

The fund recorded a 17% rise year-on-year (YoY) in rental income.

 

in other expenses to SAR 19.11 million, from SAR 2.04 million in 2021.

 

It reported an impairment reversal on investment properties of SAR 19.3 million in 2022, compared to a provision of -SAR 53,000 a year earlier. Other non-operating income also increased during 2022.

 

On the other hand, finance cost rose 84% YoY. Bonyan REIT also recorded an increase in other operating expenses, depreciation of investment properties and Zakat provisions.

 

Net asset value (NAV) stood at SAR 1.38 billion by the end of 2022. Net book value per unit reached SAR 8.48.



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 112.31 125.21 11.5 %
Funds from Operations(FFO) 53.57 59.14 10.4 %
Net Income 39.18 26.99 (31.1 %)
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.33 0.36 10.4 %
EPS (Riyals) 0.24 0.17 (31.1 %)

The market value of assets stood at SAR 1.80 billion as of Dec. 31, 2022, with market value per unit at SAR 11.09.

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 1,890.78 1,908.26 0.9 %
Total Debt 381.87 385.96 1.1 %
Net assets attributable to the Unitholders Item 1,390.85 1,380.94 (0.7 %)
Market value of net assets 1,661.32 1,755.91 5.7 %

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Share Price

Bonyan REIT Fund
9.78
(0.02) (0.20 %)

Bonyan REIT Fund (BONYAN REIT)

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Financial Ratios
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
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 103.10 - 55.21 - 32.33 -
H2 2019 109.89 - 55.10 - 56.13 -
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 %)
H1 2021 107.17 56.8 % 58.78 98.5 % 26.22 255.1 %
H2 2021 112.31 8.9 % 53.57 (0.6 %) 39.18 3.0 %
H1 2022 121.47 13.3 % 67.53 14.9 % 70.59 169.2 %
H2 2022 125.21 11.5 % 59.14 10.4 % 26.99 (31.1 %)
2022 246.68 12.4 % 126.67 12.8 % 97.58 49.2 %

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 - - - - - - - -
H2 2018 - - - - - - - -
H1 2019 1,753.30 - - - 1,453.01 - 1,598.19 -
H2 2019 1,752.49 - - - 1,449.29 - 1,652.71 -
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 %)
H1 2021 1,916.43 9.5 % 385.08 157.0 % 1,403.80 (2.3 %) 1,623.74 (1.6 %)
H2 2021 1,890.78 8.6 % 381.87 100.5 % 1,390.85 (2.7 %) 1,661.32 1.8 %
H1 2022 1,923.45 0.4 % 389.41 1.1 % 1,407.69 0.3 % 1,753.12 8.0 %
H2 2022 1,908.26 0.9 % 385.96 1.1 % 1,380.94 (0.7 %) 1,755.91 5.7 %

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 - -
Q2 2019 - -
Q4 2019 18.12 14.53
Q2 2020 20.98 15.73
Q4 2020 31.85 17.32
Q2 2021 24.97 14.24
Q4 2021 24.31 14.15
Q2 2022 13.86 12.56
Q4 2022 15.29 11.78

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - - -
H1 2019 0.34 0.20 8.92 9.81
H2 2019 0.34 0.34 8.90 10.15
H1 2020 0.18 0.05 8.82 10.13
H2 2020 0.33 0.23 8.78 10.02
H1 2021 0.36 0.16 8.62 9.97
H2 2021 0.33 0.24 8.54 10.20
H1 2022 0.41 0.43 8.64 10.76
H2 2022 0.36 0.17 8.48 10.78

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