Jadwa REIT Al Haramain posts SAR -1.6 mln FFO, SAR 68.1 mln net loss in H1 2020

Jadwa REIT Al Haramain posts SAR -1.6 mln FFO, SAR 68.1 mln net loss in H1 2020

25/08/2020 Argaam Exclusive

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Jadwa REIT Al Haramain Fund posted a net loss of SAR 68.1 million (SAR -1.03 per unit) for the first half of 2020, compared to a profit of SAR 9.1 million for the same period last year, according to a bourse filing by Jadwa Investment, the fund manager, on Tuesday.

 

Losses from funds from operations (FFO) reached SAR 1.6 million during the six-month period, compared to a profit of SAR 15 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 26.95 8.07 (70.1 %)
Funds from Operations(FFO) 14.99 (1.63) (110.9 %)
Net Income 9.12 (68.05) (846.3 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.23 (0.02) (110.9 %)
EPS (Riyals) 0.14 (1.03) (846.3 %)

These losses were mainly attributed to lower rental income and impairment loss on investment properties worth SAR 60.5 million.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 828.55 738.77 (10.8 %)
Total Debt 181.13 181.72 0.3 %
Net assets attributable to the Unitholders Item 636.96 548.41 (13.9 %)
Market value of net assets 713.60 630.54 (11.6 %)

Net asset value (NAV) stood at SAR 548.41 million, while the NAV per unit reached SAR 8.31 during the six months.

 

The market value of assets reached SAR 630.54 million in H1 2020, while the per unit market value stood at SAR 9.55.



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 %)

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 %)

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

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


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) 14.67
Current Price/FFO (X) 52.31
Par Value ( Riyal) 10.00
Price/book 0.76
Asset Growth (%) (1.88 )
Revenue Growth (%) 6.4
Net Income Growth (%) 1,027.3
Adjusted P/E (Last12) (X) 14.67
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Share Price

Jadwa REIT Al Haramain Fund
5.86
(0.02) (0.34 %)

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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