AlJazira REIT incurs SAR -2 mln FFO, SAR 5.3 mln net loss in H1 2020

25/08/2020 Argaam Exclusive

View other reports

AlJazira REIT Fund incurred a net loss of SAR 5.3 mln (SAR -0.45/unit) for the first half of 2020 compared to SAR 2.8 million in the same period a year earlier, Aljazira Financial Markets Co. said in a bourse statement on Tuesday.

Losses from funds from operations (FFO) reached SAR 2 million during the six-month period, compared to a profit of SAR 1.7 million in the year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	2.45	3.10	26.5 %
Funds from Operations(FFO)	1.68	(2.03)	(220.5 %)
Net Income	(2.83)	(5.29)	(86.5 %)
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.14	(0.17)	(220.5 %)
EPS (Riyals)	(0.24)	(0.45)	(86.5 %)

These losses were mainly attributed to recording of credit loss expenses of SAR 4 million riyals, higher other expenses, despite of higher rental income by 27% and impairment loss on investment properties.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	115.05	105.41	(8.4 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	107.07	104.38	(2.5 %)
Market value of net assets	103.44	95.25	(7.9 %)

Net asset value (NAV) stood at SAR 104.38 mln, while the NAV per unit reached SAR 8.85 as of June 30, 2020.

The market value of assets reached SAR 95.25 million in H1 2020, while the per unit market value stood at SAR 8.08.

The number of outstanding units totaled 11.800 million, with a negative yield of 5.30% for H1 2020.

Total expenses and fees stood at SAR 1.093 million by the period.

Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	7.02	-	3.66	-	3.69	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	7.78	10.8 %	3.69	1.0 %	3.76	1.8 %
H1 2017	4.00	-	3.12	-	3.12	-
H2 2017	5.01	-	3.95	-	3.17	-
2017	9.01	-	7.07	-	6.29	-
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 %)
2018	9.56	6.1 %	7.56	6.8 %	0.40	(93.7 %)
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 %
2019	5.17	(45.9 %)	3.59	(52.5 %)	(0.24)	(159.7 %)
H1 2020	3.10	26.5 %	(2.03)	(220.5 %)	(5.29)	(86.5 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2014	7.02	-	3.66	-	3.69	-
2015	7.78	10.8 %	3.69	1.0 %	3.76	1.8 %
2017	9.01	-	7.07	-	6.29	-
2018	9.56	6.1 %	7.56	6.8 %	0.40	(93.7 %)
2019	5.17	(45.9 %)	3.59	(52.5 %)	(0.24)	(159.7 %)

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 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2014	120.36	-	55.58	-	59.69	-	64.49	-
2015	118.54	(1.5 %)	55.58	0.0 %	58.87	(1.4 %)	66.25	2.7 %
2017	123.71	-	-	-	121.34	-	115.76	-
2018	118.17	(4.5 %)	-	-	115.80	(4.6 %)	114.14	(1.4 %)
2019	111.85	(5.3 %)	-	-	109.67	(5.3 %)	100.61	(11.9 %)

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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2010	-	-
2011	-	-
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	32.95	29.28
2018	More than 100	22.52
2019	NEG	41.01

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

Period	Operating EPS	EPS	Book Value	Market Value
2014	6.53	6.59	106.59	115.17
2015	6.59	6.71	105.13	118.31
2017	0.60	0.53	10.28	9.81
2018	0.64	0.03	9.81	9.67
2019	0.30	(0.02)	9.29	8.53

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)	19.67
Current Price/FFO (X)	42.63
Par Value ( Riyal)	10.00
Price/book	1.97
Asset Growth (%)	6.2
Revenue Growth (%)	2.3
Net Income Growth (%)	54.2
Adjusted P/E (Last12) (X)	19.67

AlJazira REIT (ALJAZIRA REIT)

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

AlJazira REIT incurs SAR -2 mln FFO, SAR 5.3 mln net loss in H1 2020

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

AlJazira REIT (ALJAZIRA REIT)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

×

AlJazira REIT incurs SAR -2 mln FFO, SAR 5.3 mln net loss in H1 2020

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

AlJazira REIT (ALJAZIRA REIT)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}