Jadwa REIT Al Haramain posts SAR 3.4 mln FFO, SAR 9 mln net loss in H1 2021

Jadwa REIT Al Haramain posts SAR 3.4 mln FFO, SAR 9 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

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Jadwa REIT AlHaramain Fund trimmed net losses to SAR 9 million (SAR -0.14 per unit) for H1 2021, compared to SAR 68.1 million for the same period last year, according to a bourse filing by fund manager Jadwa Investment.

 

Funds from operations (FFO) stood at SAR 3.4 million in H1 2021, compared to a loss of SAR 1.6 million in the year-earlier period. 



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 8.07 8.00 (0.8 %)
Funds from Operations(FFO) (1.63) 3.38 307.2 %
Net Income (68.05) (9.12) 86.6 %
No of shares 66.00 66.00 -
Operating EPS (Riyals) (0.02) 0.05 307.2 %
EPS (Riyals) (1.03) (0.14) 86.6 %

The lower losses were due to a decline in impairment loss on investment properties to SAR 5.9 million in H1 2021, compared to SAR 60.5 million in the previous year.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 738.77 783.37 6.0 %
Total Debt 181.72 232.30 27.8 %
Net assets attributable to the Unitholders Item 548.41 539.30 (1.7 %)
Market value of net assets 630.54 568.92 (9.8 %)

Net asset value (NAV) in H1 2021 stood at SAR 539.3 million, while net book value per unit reached SAR 8.17.

 

The market value of assets stood at SAR 568.9 million in H1 2021, with market value per unit as fair value at SAR 8.62.

 

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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 %

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 %)

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

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


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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