Riyad REIT posts SAR 46.6 mln FFO, SAR 33.2 mln profit in H1 2021

Riyad REIT posts SAR 46.6 mln FFO, SAR 33.2 mln profit in H1 2021

17/08/2021 Argaam Exclusive

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Riyad REIT Fund reported a net income of SAR 33.2 million (SAR 0.19 per unit) for the first six months of 2021, an increase of 39% from SAR 23.9 million in the similar period last year, fund manager Riyad Capital said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 46.6 million in H1 2021, a 33% hike from SAR 35.1 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 88.40 109.18 23.5 %
Funds from Operations(FFO) 35.14 46.59 32.6 %
Net Income 23.90 33.17 38.8 %
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.20 0.27 32.6 %
EPS (Riyals) 0.14 0.19 38.8 %

The increase in profit is attributed to higher rental revenue despite the increase in financing costs, fund management fees and real estate investment depreciation.

 

Net asset value (NAV) stood at SAR 1.58 billion (SAR 9.2/unit) by the end of June 30, 2021.

 

The market value of assets stood at SAR 1.71 billion in H1 2021, with market value per unit as fair value at SAR 9.96.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 2,384.25 2,548.60 6.9 %
Total Debt 689.31 866.91 25.8 %
Net assets attributable to the Unitholders Item 1,604.54 1,581.60 (1.4 %)
Market value of net assets 1,670.00 1,710.39 2.4 %

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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 %)
H1 2021 109.18 23.5 % 46.59 32.6 % 33.17 38.8 %

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 %)
H1 2021 2,548.60 6.9 % 866.91 25.8 % 1,581.60 (1.4 %) 1,710.39 2.4 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 31.51 21.23

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
H1 2021 0.27 0.19 9.21 9.96


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) 41.49
Par Value ( Riyal) 9.51
Price/book 0.75
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
6.36
0.02 0.32 %

Riyad REIT Fund (RIYAD REIT)

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