Riyad REIT posts SAR 69.2 mln FFO, SAR 45.1 mln profit in 2020

Riyad REIT posts SAR 69.2 mln FFO, SAR 45.1 mln profit in 2020

31/03/2021 Argaam Exclusive

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Riyad REIT Fund posted a net profit of SAR 45.1 million (SAR 0.26 per unit) for 2020, down 36%, compared to SAR 70.9 million in 2019, according to a bourse filing by fund manager Riyad Capital.

 

Funds from operations (FFO) reached SAR 69.2 million, falling 25%, compared to SAR 92.4 million in the year-earlier period.



Financials (M)

Item 2019 2020 Change‬
Rental Income 181.16 186.02 2.7 %
Funds from Operations(FFO) 92.40 69.17 (25.1 %)
Net Income 70.88 45.06 (36.4 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.54 0.40 (25.1 %)
EPS (Riyals) 0.41 0.26 (36.4 %)

The decline in net profit was due to higher operating and finance costs.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 90.71 97.62 7.6 %
Funds from Operations(FFO) 51.19 34.03 (33.5 %)
Net Income 37.24 21.16 (43.2 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.30 0.20 (33.5 %)
EPS (Riyals) 0.22 0.12 (43.2 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 2,385.78 2,521.15 5.7 %
Total Debt 685.08 883.91 29.0 %
Net assets attributable to the Unitholders Item 1,623.57 1,591.36 (2.0 %)
Market value of net assets 1,658.03 1,646.15 (0.7 %)

Net asset value (NAV) stood at SAR 1.591 billion, while the NAV per unit reached SAR 9.3 in 2020.

 

The market value of assets reached SAR 1.647 billion, while the market value per unit stood at SAR 9.6.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 7.84 - 3.92 - 3.16 -
H2 2016 14.17 - 9.49 - 6.72 -
H1 2017 16.83 114.6 % 12.94 230.3 % 9.53 201.2 %
H2 2017 21.57 52.2 % 15.35 61.8 % 10.54 56.7 %
H1 2018 33.97 101.8 % 29.34 126.8 % 24.04 152.2 %
H2 2018 115.15 433.8 % 47.09 206.7 % 40.14 281.0 %
H1 2019 90.44 166.3 % 41.22 40.5 % 33.64 40.0 %
H2 2019 90.71 (21.2 %) 51.19 8.7 % 37.24 (7.2 %)
H1 2020 88.40 (2.3 %) 35.14 (14.7 %) 23.90 (29.0 %)
H2 2020 97.62 7.6 % 34.03 (33.5 %) 21.16 (43.2 %)
2020 186.02 2.7 % 69.17 (25.1 %) 45.06 (36.4 %)

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 2015 - - - - - - - -
H2 2015 - - - - - - - -
H1 2016 516.46 - - - 500.60 - 517.20 -
H2 2016 504.68 - - - 481.90 - 500.28 -
H1 2017 673.54 30.4 % 114.98 - 478.29 (4.5 %) 511.43 (1.1 %)
H2 2017 717.69 42.2 % 194.92 - 488.97 1.5 % 525.06 5.0 %
H1 2018 1,725.16 156.1 % 44.00 (61.7 %) 1,631.01 241.0 % 1,682.79 229.0 %
H2 2018 1,798.69 150.6 % 88.34 (54.7 %) 1,641.96 235.8 % 1,706.72 225.1 %
H1 2019 1,991.73 15.5 % 295.44 571.5 % 1,627.53 (0.2 %) 1,689.30 0.4 %
H2 2019 2,385.78 32.6 % 685.08 675.5 % 1,623.57 (1.1 %) 1,658.03 (2.9 %)
H1 2020 2,384.25 19.7 % 689.31 133.3 % 1,604.54 (1.4 %) 1,670.00 (1.1 %)
H2 2020 2,521.15 5.7 % 883.91 29.0 % 1,591.36 (2.0 %) 1,646.15 (0.7 %)

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 More than 100 41.40
Q2 2017 More than 100 26.55
Q4 2017 More than 100 17.20
Q2 2018 44.94 34.77
Q4 2018 21.00 17.64
Q2 2019 18.80 15.71
Q4 2019 21.10 16.18
Q2 2020 22.38 15.85
Q4 2020 32.39 21.10

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2015 - - - -
H2 2015 - - - -
H1 2016 0.08 0.06 10.01 10.34
H2 2016 0.19 0.13 9.64 10.01
H1 2017 0.26 0.19 9.57 10.23
H2 2017 0.31 0.21 9.78 10.50
H1 2018 0.17 0.14 9.50 9.80
H2 2018 0.27 0.23 9.56 9.94
H1 2019 0.24 0.20 9.48 9.84
H2 2019 0.30 0.22 9.46 9.66
H1 2020 0.20 0.14 9.35 9.73
H2 2020 0.20 0.12 9.27 9.59


Financial Ratios
Current
Number of Units (Million) 171.70
Net Income/Unit ( Riyal) (0.04 )
Funds from operations/Unit ( Riyal) 0.15
P/E (X) (TTM) NEG
Current Price/FFO (X) 42.66
Par Value ( Riyal) 9.51
Price/book 0.78
Asset Growth (%) (1.82 )
Revenue Growth (%) 4.1
Net Income Growth (%) (111.62 )
Adjusted P/E (Last12) (X) Neg
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Share Price

Riyad REIT Fund
6.54
(0.07) (1.06 %)

Riyad REIT Fund (RIYAD REIT)

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