AlJazira REIT posts SAR 1.9 mln FFO, SAR 2.6 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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AlJazira REIT Fund reported a net profit of SAR 2.6 mln (SAR 0.22/unit) for the first half of 2021, against a net loss of SAR 5.3 million a year earlier, the fund manager Aljazira Capital said in a bourse statement.

Funds from operations (FFO) reached SAR 1.9 million during the six-month period, against losses of SAR 2 million in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	3.10	2.53	(18.5 %)
Funds from Operations(FFO)	(2.03)	1.86	191.8 %
Net Income	(5.29)	2.60	149.3 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	(0.17)	0.16	191.8 %
EPS (Riyals)	(0.45)	0.22	149.3 %

The positive performance was backed by a reversal of impairments in investment properties of SAR 1.2 million in H1 2021, compared to a provision of SAR 2.8 million a year earlier. The fund incurred expected credit loss expenses of SAR 4 million in H1 2020. Moreover, the fund management fees dropped 17% year-on-year (YoY).

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	105.41	87.34	(17.1 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	104.38	84.83	(18.7 %)
Market value of net assets	95.25	84.10	(11.7 %)

Net asset value attributable to the unitholders by the end of the period reached SAR 84.83 million, while the asset book value attributable to the unit stood at SAR 7.19.

Net asset value (NAV) reached SAR 84.1 million in H1 2021, while the asset value attributable to the unit stood at SAR 7.13.

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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 %)
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 %)
H1 2021	2.53	(18.5 %)	1.86	191.8 %	2.60	149.3 %

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 %)
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 %)
H1 2021	87.34	(17.1 %)	-	-	84.83	(18.7 %)	84.10	(11.7 %)

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 %)
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 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
Q2 2021	NEG	More than 100

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2011	-	-
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	32.95	29.28
2018	More than 100	22.52
2019	NEG	41.01
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
H1 2021	0.16	0.22	7.19	7.13

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
2020	(0.11)	(2.03)	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)	19.54
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

AlJazira REIT (ALJAZIRA REIT)

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AlJazira REIT posts SAR 1.9 mln FFO, SAR 2.6 mln net profit in H1 2021

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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)

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AlJazira REIT posts SAR 1.9 mln FFO, SAR 2.6 mln net profit in H1 2021

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)

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