Jadwa REIT Al Haramain posts FFO of SAR 6.7 mln, net loss of SAR 9.2 mln in 2021

Jadwa REIT Al Haramain posts FFO of SAR 6.7 mln, net loss of SAR 9.2 mln in 2021

31/03/2022 Argaam Exclusive

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Jadwa REIT Al Haramain Fund cut its 2021 net loss of SAR 9.2 million, from SAR 68 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 6.7 million in 2021, compared to SAR 1.7 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 8.07 16.00 98.3 %
Funds from Operations(FFO) (1.72) 6.69 489.6 %
Net Income (68.05) (9.16) 86.5 %
No of shares 66.00 66.00 -
Operating EPS (Riyals) (0.03) 0.10 489.6 %
EPS (Riyals) (1.03) (0.14) 86.5 %

The narrowed losses were attributed to a lease contract termination fee of SAR 16 million. The fund recorded a provision for real estate investments loss of SAR 4.8 million in 2021, compared to a provision of SAR 68 million a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Funds from Operations(FFO) (0.09) 3.31 3946.5 %
Net Income 0.01 (0.04) (575.0 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.00 0.05 3946.5 %
EPS (Riyals) 0.00 0.00 (575.0 %)

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 789.36 793.66 0.5 %
Total Debt 232.01 252.11 8.7 %
Net assets attributable to the Unitholders Item 548.41 539.26 (1.7 %)
Market value of net assets 631.45 584.18 (7.5 %)

 

Net asset value (NAV) in 2021 stood at SAR 539.26 million, while net book value per unit reached SAR 8.17.

 

The full-year market value of assets stood at SAR 584.18 million, with market value per unit at SAR 8.85.

 

View more financial results

 


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 %)
H1 2021 8.00 (0.8 %) 3.38 307.2 % (9.12) 86.6 %
H2 2021 8.00 - 3.31 3946.5 % (0.04) (575.0 %)
2021 16.00 98.3 % 6.69 489.6 % (9.16) 86.5 %

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 %)
H1 2021 783.37 6.0 % 232.30 27.8 % 539.30 (1.7 %) 568.92 (9.8 %)
H2 2021 793.66 0.5 % 252.11 8.7 % 539.26 (1.7 %) 584.18 (7.5 %)

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 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
Q2 2021 NEG More than 100
Q4 2021 NEG More than 100

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
H1 2021 0.05 (0.14) 8.17 8.62
H2 2021 0.05 0.00 8.17 8.85


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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