AlJazira REIT reports SAR 23.9 mln loss for 2020

AlJazira REIT reports SAR 23.9 mln loss for 2020

31/03/2021 Argaam Exclusive

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AlJazira REIT Fund reported a net loss of SAR 23.9 million (SAR 2 per unit) for 2020, compared with SAR 240,000 a year earlier, fund manager AlJazira Capital said in a bourse filing today, March 31, 2021.

 

Funds from operations (FFO) stood at SAR 1.3 million in 2020, compared to SAR 3.6 million a year earlier.

 



Financials (M)

Item 2019 2020 Change‬
Rental Income 5.17 6.07 17.4 %
Funds from Operations(FFO) 3.59 (1.25) (134.8 %)
Net Income (0.24) (23.90) (10,025.4 %)
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.30 (0.11) (134.8 %)
EPS (Riyals) (0.02) (2.03) (10,025.4 %)

The loss is attributed to credit loss expenses of SAR 5.2 million as well as higher other expenses and rise in provision for impairment in real estate investments. However, lease revenues increased by 17%.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 2.72 2.97 9.3 %
Funds from Operations(FFO) 1.91 0.77 (59.5 %)
Net Income 2.60 (18.61) (816.6 %)
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.16 0.07 (59.5 %)
EPS (Riyals) 0.22 (1.58) (816.6 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 111.85 84.44 (24.5 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 109.67 82.23 (25.0 %)
Market value of net assets 100.61 82.23 (18.3 %)

Net asset value (NAV) stood at SAR 82.2 million, while the NAV per unit reached SAR 6.97 in 2020.

 

The market value of assets amounted to SAR 83.4 million in 2020.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2017 4.00 - 3.12 - 3.12 -
H2 2017 5.01 - 3.95 - 3.17 -
H1 2018 4.75 18.7 % 3.82 22.5 % 3.41 9.3 %
H2 2018 4.81 (3.9 %) 3.74 (5.5 %) (3.01) (195.1 %)
H1 2019 2.45 (48.4 %) 1.68 (56.0 %) (2.83) (183.2 %)
H2 2019 2.72 (43.5 %) 1.91 (48.8 %) 2.60 186.2 %
H1 2020 3.10 26.5 % (2.03) (220.5 %) (5.29) (86.5 %)
H2 2020 2.97 9.3 % 0.77 (59.5 %) (18.61) (816.6 %)
2020 6.07 17.4 % (1.25) (134.8 %) (23.90) (10,025.4 %)

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 2014 - - - - - - - -
H2 2014 - - - - - - - -
H1 2015 - - - - - - - -
H2 2015 - - - - - - - -
H1 2017 124.78 - - - 121.12 - 120.02 -
H2 2017 123.71 - - - 121.34 - 115.76 -
H1 2018 127.32 2.0 % - - 124.74 3.0 % 119.24 (0.7 %)
H2 2018 118.17 (4.5 %) - - 115.80 (4.6 %) 114.14 (1.4 %)
H1 2019 115.05 (9.6 %) - - 107.07 (14.2 %) 103.44 (13.3 %)
H2 2019 111.85 (5.3 %) - - 109.67 (5.3 %) 100.61 (11.9 %)
H1 2020 105.41 (8.4 %) - - 104.38 (2.5 %) 95.25 (7.9 %)
H2 2020 84.44 (24.5 %) - - 82.23 (25.0 %) 82.23 (18.3 %)

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 32.95 29.28
Q2 2018 24.95 21.10
Q4 2018 More than 100 22.52
Q2 2019 NEG 28.15
Q4 2019 NEG 41.00
Q2 2020 NEG NEG
Q4 2020 NEG NEG

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2017 0.26 0.26 10.26 10.17
H2 2017 0.34 0.27 10.28 9.81
H1 2018 0.32 0.29 10.57 10.10
H2 2018 0.32 (0.26) 9.81 9.67
H1 2019 0.14 (0.24) 9.07 8.77
H2 2019 0.16 0.22 9.29 8.53
H1 2020 (0.17) (0.45) 8.85 8.07
H2 2020 0.07 (1.58) 6.97 6.97


Financial Ratios
Current
Number of Units (Million) 11.80
Net Income/Unit ( Riyal) 0.79
Funds from operations/Unit ( Riyal) 0.37
P/E (X) (TTM) 19.52
Current Price/FFO (X) 42.30
Par Value ( Riyal) 10.00
Price/book 1.96
Asset Growth (%) 6.2
Revenue Growth (%) 2.3
Net Income Growth (%) 54.2
Adjusted P/E (Last12) (X) 19.52
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Share Price

AlJazira REIT
15.60
0.10 0.65 %

AlJazira REIT (ALJAZIRA REIT)

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