Jadwa REIT Al Haramain makes SAR 2.5M FFO, SAR 13.8M net profit in 2023

31/03/2024 Argaam Exclusive

Jadwa REIT Al Haramain Fund reported a net profit of SAR 13.8 million (SAR 0.21 per unit) for 2023, against a net loss of SAR 48.5 million in 2022.

 

Funds from operations (FFO) grew 86% to nearly SAR 2.5 million in 2023, compared to SAR 1.4 million a year ago.



Financials (M)

Item 2022 2023 Change‬
Rental Income 19.34 28.88 49.3 %
Funds from Operations(FFO) 1.35 2.50 85.7 %
Net Income (48.51) 13.76 128.4 %
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.02 0.04 85.7 %
EPS (Riyals) (0.73) 0.21 128.4 %

The fund reported higher rental income from investment properties and financial assets in 2023. It also recorded an increase in dividends and a reversal of impairment in investment properties at SAR 5.3 million during the same year, compared to posting a provision of SAR 39.9 million in 2022.

 

On the other hand, finance income soared in 2023. Jadwa REIT Al Haramain also reported management fees of SAR 1.2 million for the same year.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 18.43 11.00 (40.3 %)
Funds from Operations(FFO) 5.84 (3.26) (155.8 %)
Net Income 4.86 16.27 235.1 %
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.09 (0.05) (155.8 %)
EPS (Riyals) 0.07 0.25 235.1 %

Net asset value (NAV) stood at SAR 504.50 million as of Dec. 31, 2023, while the net book value per unit reached SAR 7.64.

 

The market value of assets stood at SAR 504.50 million by the end of 2023, with a market value per unit of SAR 7.64.

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 751.78 724.75 (3.6 %)
Total Debt 250.62 214.10 (14.6 %)
Net assets attributable to the Unitholders Item 490.75 504.51 2.8 %
Market value of net assets 497.96 504.51 1.3 %

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Share Price

Jadwa REIT Al Haramain Fund
5.86
(0.02) (0.34 %)

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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Financial Ratios
Current
Number of Units (Million) 66.00
Net Income/Unit ( Riyal) 0.40
Funds from operations/Unit ( Riyal) 0.11
P/E (X) (TTM) 14.67
Current Price/FFO (X) 52.31
Par Value ( Riyal) 10.00
Price/book 0.76
Asset Growth (%) (1.88 )
Revenue Growth (%) 6.4
Net Income Growth (%) 1,027.3
Adjusted P/E (Last12) (X) 14.67
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 8.54 - 6.66 - 4.25 -
H2 2017 21.34 - 16.83 - 10.86 -
H1 2018 26.59 211.5 % 17.73 166.5 % 11.82 178.2 %
H2 2018 27.39 28.3 % 17.83 5.9 % 11.79 8.6 %
H1 2019 26.95 1.3 % 14.99 (15.5 %) 9.12 (22.9 %)
H2 2019 25.62 (6.5 %) 17.57 (1.4 %) 9.85 (16.4 %)
H1 2020 8.07 (70.1 %) (1.63) (110.9 %) (68.05) (846.3 %)
H2 2020 - - (0.09) (100.5 %) 0.01 (99.9 %)
H1 2021 8.00 (0.8 %) 3.38 307.2 % (9.12) 86.6 %
H2 2021 8.00 - 3.31 3946.5 % (0.04) (575.0 %)
H1 2022 0.91 (88.6 %) (4.49) (232.9 %) (53.36) (485.3 %)
H2 2022 18.43 130.4 % 5.84 76.4 % 4.86 12881.3 %
H1 2023 17.89 1863.4 % 5.76 228.3 % (2.52) 95.3 %
H2 2023 11.00 (40.3 %) (3.26) (155.8 %) 16.27 235.1 %
2023 28.88 49.3 % 2.50 85.7 % 13.76 128.4 %

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 2017 656.23 - - - 654.35 - 701.36 -
H2 2017 847.20 - 177.08 - 658.60 - 716.58 -
H1 2018 836.45 27.5 % 177.20 - 653.23 (0.2 %) 717.53 2.3 %
H2 2018 832.91 (1.7 %) 180.84 2.1 % 646.33 (1.9 %) 716.96 0.1 %
H1 2019 828.55 (0.9 %) 181.13 2.2 % 636.96 (2.5 %) 713.60 (0.5 %)
H2 2019 817.51 (1.8 %) 181.42 0.3 % 629.66 (2.6 %) 712.14 (0.7 %)
H1 2020 738.77 (10.8 %) 181.72 0.3 % 548.41 (13.9 %) 630.54 (11.6 %)
H2 2020 789.36 (3.4 %) 232.01 27.9 % 548.41 (12.9 %) 631.45 (11.3 %)
H1 2021 783.37 6.0 % 232.30 27.8 % 539.30 (1.7 %) 568.92 (9.8 %)
H2 2021 793.66 0.5 % 252.11 8.7 % 539.26 (1.7 %) 584.18 (7.5 %)
H1 2022 743.92 (5.0 %) 252.77 8.8 % 485.90 (9.9 %) 485.90 (14.6 %)
H2 2022 751.78 (5.3 %) 250.62 (0.6 %) 490.75 (9.0 %) 497.96 (14.8 %)
H1 2023 749.34 0.7 % 250.87 (0.8 %) 488.23 0.5 % 488.23 0.5 %
H2 2023 724.75 (3.6 %) 214.10 (14.6 %) 504.51 2.8 % 504.51 1.3 %

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 44.92 28.89
Q2 2018 24.77 16.25
Q4 2018 20.97 13.92
Q2 2019 25.29 16.11
Q4 2019 28.46 16.58
Q2 2020 NEG 25.51
Q4 2020 NEG NEG
Q2 2021 NEG More than 100
Q4 2021 NEG More than 100
Q2 2022 NEG NEG
Q4 2022 NEG More than 100
Q2 2023 More than 100 43.26
Q4 2023 31.23 More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 0.10 0.06 9.91 10.63
H2 2017 0.25 0.16 9.98 10.86
H1 2018 0.27 0.18 9.90 10.87
H2 2018 0.27 0.18 9.79 10.86
H1 2019 0.23 0.14 9.65 10.81
H2 2019 0.27 0.15 9.54 10.79
H1 2020 (0.02) (1.03) 8.31 9.55
H2 2020 0.00 0.00 8.31 9.57
H1 2021 0.05 (0.14) 8.17 8.62
H2 2021 0.05 0.00 8.17 8.85
H1 2022 (0.07) (0.81) 7.36 7.36
H2 2022 0.09 0.07 7.44 7.54
H1 2023 0.09 (0.04) 7.40 7.40
H2 2023 (0.05) 0.25 7.64 7.64

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