Riyad REIT posts SAR 35 mln FFO, SAR 24 mln net profit in H1 2020

Riyad REIT posts SAR 35 mln FFO, SAR 24 mln net profit in H1 2020

25/08/2020 Argaam Exclusive

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Riyad REIT Fund posted a net profit of SAR 23.9 million (SAR 0.14 per unit) for the first half of 2020, down 29% year-on-year (YoY) compared to SAR 33.64 million for the same period last year, according to a bourse filing by Riyad Capital, the fund manager, on Tuesday.

 

Funds from operations (FFO) reached SAR 35.15 million during the six-month period, compared to SAR 41.22 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 90.44 88.40 (2.3 %)
Funds from Operations(FFO) 41.22 35.14 (14.7 %)
Net Income 33.64 23.90 (29.0 %)
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.24 0.20 (14.7 %)
EPS (Riyals) 0.20 0.14 (29.0 %)

The decline in net profit was mainly attributed to lower revenue and higher depreciation of operating investments.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,991.73 2,384.25 19.7 %
Total Debt 295.44 689.31 133.3 %
Net assets attributable to the Unitholders Item 1,627.53 1,604.54 (1.4 %)
Market value of net assets 1,689.30 1,670.00 (1.1 %)

Net asset value (NAV) stood at SAR 1.605 billion, while the NAV per unit reached SAR 9.35 as of June 30, 2020.

 

The market value of assets reached SAR 1.67 billion in H1 2020, while the per unit market value stood at SAR 9.73.



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 %)

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 %)

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

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


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) 41.62
Par Value ( Riyal) 9.51
Price/book 0.76
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
6.38
(0.06) (0.93 %)

Riyad REIT Fund (RIYAD REIT)

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