Bonyan REIT posts SAR 64 mln FFO, SAR 43.6 mln net profit in H1 2023

13/08/2023 Argaam Exclusive

Bonyan REIT Fund reported a net profit of SAR 43.6 million (SAR 0.27/unit) for the first half of 2023, down from SAR 70.6 million a year earlier, Saudi Fransi Capital, the fund manager, said in a bourse statement.

 

Funds from operations (FFO) reached SAR 64 million during the six-month period, a decline of 5% from SAR 67.5 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 121.47 135.08 11.2 %
Funds from Operations(FFO) 67.53 64.03 (5.2 %)
Net Income 70.59 43.59 (38.3 %)
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.41 0.39 (5.2 %)
EPS (Riyals) 0.43 0.27 (38.3 %)

The fund manager noted a year-on-year (YoY) increase in financing cost to SAR 13.6 million, from SAR 5.9 million. In addition, the value of investment properties decreased to SAR 3.3 million in H1 2023, compared to SAR 26.6 million in the previous period.

 

Meanwhile, rental income increased by 6.2% YoY.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,923.45 1,857.47 (3.4 %)
Total Debt 389.41 340.85 (12.5 %)
Net assets attributable to the Unitholders Item 1,407.69 1,370.78 (2.6 %)
Market value of net assets 1,753.12 1,797.67 2.5 %

Net asset value (NAV) stood at SAR 1.37 billion by the end of H1 2023, while net book value per unit reached SAR 8.42.

 

The market value of assets stood at SAR 1.79 billion as of June 30, 2023, with market value per unit at SAR 11.04.

 

View more financial results

 

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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 %)
H1 2023 135.08 11.2 % 64.03 (5.2 %) 43.59 (38.3 %)

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 %
H1 2023 1,857.47 (3.4 %) 340.85 (12.5 %) 1,370.78 (2.6 %) 1,797.67 2.5 %

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 - -
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
Q2 2023 21.79 12.48

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
H1 2023 0.39 0.27 8.42 11.04

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