Jadwa REIT Al Haramain posts SAR -1.7 mln FFO, SAR 68.1 mln net loss in 2020

Jadwa REIT Al Haramain posts SAR -1.7 mln FFO, SAR 68.1 mln net loss in 2020

30/03/2021 Argaam Exclusive

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Jadwa REIT AlHaramain Fund posted a net loss of SAR 68.1 million (SAR -1.03 per unit) for 2020, compared to a profit of SAR 19 million for the same period last year, according to a bourse filing by fund manager Jadwa Investment.

 

Losses from funds from operations (FFO) reached SAR 1.7 million in 2020, compared to a profit of SAR 32.6 million in the year-earlier period.



Financials (M)

Item 2019 2020 Change‬
Rental Income 52.57 8.07 (84.7 %)
Funds from Operations(FFO) 32.56 (1.72) (105.3 %)
Net Income 18.97 (68.05) (458.6 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.49 (0.03) (105.3 %)
EPS (Riyals) 0.29 (1.03) (458.6 %)

The losses were mainly attributed to lower rental income falling SAR 44.5 million and impairment loss on investment properties worth SAR 59.8 million.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 25.62 - -
Funds from Operations(FFO) 17.57 (0.09) (100.5 %)
Net Income 9.85 0.01 (99.9 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.27 0.00 (100.5 %)
EPS (Riyals) 0.15 0.00 (99.9 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 817.51 789.36 (3.4 %)
Total Debt 181.42 232.01 27.9 %
Net assets attributable to the Unitholders Item 629.66 548.41 (12.9 %)
Market value of net assets 712.14 631.45 (11.3 %)

Net asset value (NAV) stood at SAR 548.41 million, while the NAV per unit reached SAR 8.31 last year.

 

The market value of assets reached SAR 631.45 million, while the market value per unit stood at SAR 9.57 in 2020.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 8.54 - 6.66 - 4.25 -
H2 2017 21.34 - 16.83 - 10.86 -
H1 2018 26.59 211.5 % 17.73 166.5 % 11.82 178.2 %
H2 2018 27.39 28.3 % 17.83 5.9 % 11.79 8.6 %
H1 2019 26.95 1.3 % 14.99 (15.5 %) 9.12 (22.9 %)
H2 2019 25.62 (6.5 %) 17.57 (1.4 %) 9.85 (16.4 %)
H1 2020 8.07 (70.1 %) (1.63) (110.9 %) (68.05) (846.3 %)
H2 2020 - - (0.09) (100.5 %) 0.01 (99.9 %)
2020 8.07 (84.7 %) (1.72) (105.3 %) (68.05) (458.6 %)

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 2017 656.23 - - - 654.35 - 701.36 -
H2 2017 847.20 - 177.08 - 658.60 - 716.58 -
H1 2018 836.45 27.5 % 177.20 - 653.23 (0.2 %) 717.53 2.3 %
H2 2018 832.91 (1.7 %) 180.84 2.1 % 646.33 (1.9 %) 716.96 0.1 %
H1 2019 828.55 (0.9 %) 181.13 2.2 % 636.96 (2.5 %) 713.60 (0.5 %)
H2 2019 817.51 (1.8 %) 181.42 0.3 % 629.66 (2.6 %) 712.14 (0.7 %)
H1 2020 738.77 (10.8 %) 181.72 0.3 % 548.41 (13.9 %) 630.54 (11.6 %)
H2 2020 789.36 (3.4 %) 232.01 27.9 % 548.41 (12.9 %) 631.45 (11.3 %)

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 44.92 28.89
Q2 2018 24.77 16.25
Q4 2018 20.97 13.92
Q2 2019 25.29 16.11
Q4 2019 28.46 16.58
Q2 2020 NEG 25.51
Q4 2020 NEG NEG

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 0.10 0.06 9.91 10.63
H2 2017 0.25 0.16 9.98 10.86
H1 2018 0.27 0.18 9.90 10.87
H2 2018 0.27 0.18 9.79 10.86
H1 2019 0.23 0.14 9.65 10.81
H2 2019 0.27 0.15 9.54 10.79
H1 2020 (0.02) (1.03) 8.31 9.55
H2 2020 0.00 0.00 8.31 9.57


Financial Ratios
Current
Number of Units (Million) 66.00
Net Income/Unit ( Riyal) 0.40
Funds from operations/Unit ( Riyal) 0.11
P/E (X) (TTM) 14.72
Current Price/FFO (X) 52.48
Par Value ( Riyal) 10.00
Price/book 0.77
Asset Growth (%) (1.88 )
Revenue Growth (%) 6.4
Net Income Growth (%) 1,027.3
Adjusted P/E (Last12) (X) 14.72
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Share Price

Jadwa REIT Al Haramain Fund
5.88
0.01 0.17 %

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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