Alkhabeer REIT Fund reports SAR 25.9 mln FFO, net profit of SAR 29.5 mln in H1 2020

18/08/2020 Argaam Exclusive

Alkhabeer REIT Fund reported a net profit of SAR 29.5 million (SAR 0.44/unit) for the first half of 2020, versus net loss of SAR 21.5 million in a year-earlier period, according to a bourse filing by fund manager, Alkhabeer Capital.

 

Funds from operations (FFO) stood at SAR 25.9 million in H1 2020, versus net loss of SAR 5.9 million in prior-year period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 29.03 36.92 27.1 %
Funds from Operations(FFO) (5.92) 25.86 537.2 %
Net Income (21.47) 29.54 237.6 %
No of shares 66.44 66.44 -
Operating EPS (Riyals) (0.09) 0.39 537.2 %
EPS (Riyals) (0.32) 0.44 237.6 %

This profit was driven by higher rents revenue, lower operating expenses and writing back provisions for an asset impairment of SAR 15 million.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 995.99 986.97 (0.9 %)
Total Debt 346.92 364.31 5.0 %
Net assets attributable to the Unitholders Item 642.95 588.00 (8.5 %)
Market value of net assets 680.62 596.49 (12.4 %)

Net asset value (NAV) stood at SAR 588 million, while the NAV per unit reached SAR 8.85 during the six-month period.

 

The market value of assets reached SAR 596.49 million in H1 2020, while the per unit market value stood at SAR 8.98.

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Share Price

Alkhabeer REIT Fund
5.68
(0.05) (0.87 %)

Alkhabeer REIT Fund (ALKHABEER REIT)

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Financial Ratios
Current
Number of Units (Million) 141.01
Net Income/Unit ( Riyal) 0.46
Funds from operations/Unit ( Riyal) 0.45
P/E (X) (TTM) 12.23
Current Price/FFO (X) 12.63
Par Value ( Riyal) 10.00
Price/book 0.75
Asset Growth (%) (0.74 )
Revenue Growth (%) 6.1
Net Income Growth (%) 183.1
Adjusted P/E (Last12) (X) 18.51
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2019 29.03 - (5.92) - (21.47) -
H2 2019 43.15 - 29.74 - (42.90) -
H1 2020 36.92 27.1 % 25.86 537.2 % 29.54 237.6 %

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 2019 995.99 - 346.92 - 642.95 - 680.62 -
H2 2019 956.10 - 364.83 - 571.75 - 600.36 -
H1 2020 986.97 (0.9 %) 364.31 5.0 % 588.00 (8.5 %) 596.49 (12.4 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
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 NEG 30.41
Q2 2020 NEG 9.81

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2019 (0.09) (0.32) 9.68 10.24
H2 2019 0.45 (0.65) 8.61 9.04
H1 2020 0.39 0.44 8.85 8.98

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