Derayah REIT posts SAR 77.1 mln FFO, SAR 14.9 mln net profit in 2020

Derayah REIT posts SAR 77.1 mln FFO, SAR 14.9 mln net profit in 2020

31/03/2021 Argaam Exclusive

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Derayah REIT Fund reported a net profit of SAR 14.9 million (SAR 0.14/unit) for 2020, a decline of 26% from SAR 20.2 million a year earlier.

 

Funds from operations (FFO) dropped 11% to SAR 77.1 million in 2020 from SAR 80.9 million in 2019.

 

The profit drop was attributed to an increase of 23% year-on-year (YoY) in operating expenses and a slump of 11% in operating income.



Financials (M)

Item 2019 2020 Change‬
Rental Income 121.19 121.39 0.2 %
Funds from Operations(FFO) 80.91 77.11 (4.7 %)
Net Income 20.21 14.92 (26.2 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.75 0.72 (4.7 %)
EPS (Riyals) 0.19 0.14 (26.2 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 61.83 64.84 4.9 %
Funds from Operations(FFO) 43.69 39.71 (9.1 %)
Net Income (5.13) 7.37 243.6 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.41 0.37 (9.1 %)
EPS (Riyals) (0.05) 0.07 243.6 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,609.36 1,725.48 7.2 %
Total Debt 579.98 747.98 29.0 %
Net assets attributable to the Unitholders Item 1,001.42 944.53 (5.7 %)
Market value of net assets 1,003.34 961.54 (4.2 %)

Net asset value (NAV) stood at SAR 944.53 million, while the NAV per unit reached SAR 8.79 during the year.

 

The market value of assets reached SAR 961.54 million, with per unit market value stood at SAR 8.94.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 36.95 - 27.56 - 21.56 -
H2 2018 46.98 - 28.59 - 14.91 -
H1 2019 59.36 60.7 % 37.23 35.1 % 25.35 17.6 %
H2 2019 61.83 31.6 % 43.69 52.8 % (5.13) (134.4 %)
H1 2020 56.55 (4.7 %) 37.40 0.5 % 7.55 (70.2 %)
H2 2020 64.84 4.9 % 39.71 (9.1 %) 7.37 243.6 %
2020 121.39 0.2 % 77.11 (4.7 %) 14.92 (26.2 %)

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 1,206.20 - 96.94 - 1,085.63 - 1,112.55 -
H2 2018 1,571.75 - 470.13 - 1,061.62 - 1,070.60 -
H1 2019 1,554.56 28.9 % 474.41 389.4 % 1,046.76 (3.6 %) 1,041.87 (6.4 %)
H2 2019 1,609.36 2.4 % 579.98 23.4 % 1,001.42 (5.7 %) 1,003.34 (6.3 %)
H1 2020 1,573.84 1.2 % 589.40 24.2 % 968.76 (7.5 %) 990.80 (4.9 %)
H2 2020 1,725.48 7.2 % 747.98 29.0 % 944.53 (5.7 %) 961.54 (4.2 %)

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 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93
Q4 2020 More than 100 15.61

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.26 0.20 10.10 10.35
H2 2018 0.27 0.14 9.87 9.96
H1 2019 0.35 0.24 9.74 9.69
H2 2019 0.41 (0.05) 9.31 9.33
H1 2020 0.35 0.07 9.01 9.22
H2 2020 0.37 0.07 8.79 8.94


Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.86
Current Price/FFO (X) 27.26
Par Value ( Riyal) 10.00
Price/book 0.73
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.86
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Share Price

Derayah REIT Fund
6.02
(0.01) (0.17 %)

Derayah REIT Fund (DERAYAH REIT)

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