AlJazira REIT Fund posts FFO of SAR 3.3 mln, net profit of SAR 4.3 mln in 2021
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AlJazira REIT Fund posted a net profit of SAR 4.3 million (SAR 0.36 per unit) for 2021, against losses of SAR 23.9 million a year earlier.
Funds from operations (FFO) amounted to SAR 3.3 million in 2021, against losses of SAR 1.3 million in 2020.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 6.07 | 5.24 | (13.8 %) |
| Funds from Operations(FFO) | (1.25) | 3.33 | 366.3 % |
| Net Income | (23.90) | 4.29 | 118.0 % |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | (0.11) | 0.28 | 366.3 % |
| EPS (Riyals) | (2.03) | 0.36 | 118.0 % |
The profit was attributed to recording SAR 5.3 million credit loss expenses in 2020, and reversing impairment for real estate investments at a value of SAR 1.9 million in 2021, compared to recording SAR 22 million impairment in the same period a year ago.
The profit was offset by higher depreciation of real estate investments and lower lease revenues.
Interim Comparasion (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Rental Income | 2.97 | 2.71 | (8.8 %) |
| Funds from Operations(FFO) | 0.77 | 1.47 | 89.9 % |
| Net Income | (18.61) | 1.69 | 109.1 % |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | 0.07 | 0.12 | 89.9 % |
| EPS (Riyals) | (1.58) | 0.14 | 109.1 % |
Balance Sheet (Million)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 84.44 | 85.22 | 0.9 % |
| Total Debt | - | - | - |
| Net assets attributable to the Unitholders Item | 82.23 | 82.53 | 0.4 % |
| Market value of net assets | 82.23 | 82.53 | 0.4 % |
Net asset value (NAV) in 2021 stood at SAR 82.534 million, while net book value per unit reached SAR 6.99.
The full-year market value of assets stood at SAR 82.534 million, with market value per unit at SAR 6.99.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 2.53 | (18.5 %) | 1.86 | 191.8 % | 2.60 | 149.3 % |
| H2 2021 | 2.71 | (8.8 %) | 1.47 | 89.9 % | 1.69 | 109.1 % |
| 2021 | 5.24 | (13.8 %) | 3.33 | 366.3 % | 4.29 | 118.0 % |
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 2021 | 87.34 | (17.1 %) | - | - | 84.83 | (18.7 %) | 84.10 | (11.7 %) |
| H2 2021 | 85.22 | 0.9 % | - | - | 82.53 | 0.4 % | 82.53 | 0.4 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | NEG | More than 100 |
| Q4 2021 | More than 100 | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.16 | 0.22 | 7.19 | 7.13 |
| H2 2021 | 0.12 | 0.14 | 6.99 | 6.99 |
| Current | |
| Number of Units (Million) | 11.80 |
| Net Income/Unit ( Riyal) | 0.79 |
| Funds from operations/Unit ( Riyal) | 0.37 |
| P/E (X) (TTM) | 19.54 |
| Current Price/FFO (X) | 42.36 |
| 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) | 19.54 |
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