Jadwa REIT Al Haramain posts FFO of SAR 1.4 mln, net loss of SAR 48.5 mln in 2022
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Jadwa REIT Al Haramain Fund widened its 2022 net loss to SAR 48.5 million (-SAR 0.73/unit), from SAR 9.2 million a year earlier.
Funds from operations (FFO) amounted to SAR 1.4 million in 2022, a drop of 80% from SAR 6.7 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 16.00 | 19.34 | 20.9 % |
| Funds from Operations(FFO) | 6.69 | 1.35 | (79.9 %) |
| Net Income | (9.16) | (48.51) | (429.8 %) |
| No of shares | 66.00 | 66.00 | - |
| Operating EPS (Riyals) | 0.10 | 0.02 | (79.9 %) |
| EPS (Riyals) | (0.14) | (0.73) | (429.8 %) |
The losses increased due to higher general and administrative expenses as well as a 64% rise year-on-year in the cost of finance.
The fund allocated a SAR 39.8 million provision for impairment of investment properties in the 12-month period, compared to a provision of SAR 4.8 million in 2021. On the other hand, it generated SAR 19.3 million rental income from investment properties.
The fund also recorded an income of SAR 266,000 from financial assets at fair value, against losses of SAR 1.2 million in 2021.
Interim Comparasion (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Rental Income | 8.00 | 18.43 | 130.4 % |
| Funds from Operations(FFO) | 3.31 | 5.84 | 76.4 % |
| Net Income | (0.04) | 4.86 | 12881.3 % |
| No of shares | 66.00 | 66.00 | - |
| Operating EPS (Riyals) | 0.05 | 0.09 | 76.4 % |
| EPS (Riyals) | 0.00 | 0.07 | 12881.3 % |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 793.66 | 751.78 | (5.3 %) |
| Total Debt | 252.11 | 250.62 | (0.6 %) |
| Net assets attributable to the Unitholders Item | 539.26 | 490.75 | (9.0 %) |
| Market value of net assets | 584.18 | 497.96 | (14.8 %) |
Net asset value (NAV) in 2022 stood at SAR 490.8 million. Net book value per unit reached SAR 7.44.
The full-year market value of assets stood at SAR 498 million, with market value per unit at SAR 7.55.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 0.91 | (88.6 %) | (4.49) | (232.9 %) | (53.36) | (485.3 %) |
| H2 2022 | 18.43 | 130.4 % | 5.84 | 76.4 % | 4.86 | 12881.3 % |
| 2022 | 19.34 | 20.9 % | 1.35 | (79.9 %) | (48.51) | (429.8 %) |
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 2022 | 743.92 | (5.0 %) | 252.77 | 8.8 % | 485.90 | (9.9 %) | 485.90 | (14.6 %) |
| H2 2022 | 751.78 | (5.3 %) | 250.62 | (0.6 %) | 490.75 | (9.0 %) | 497.96 | (14.8 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | NEG | NEG |
| Q4 2022 | NEG | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | (0.07) | (0.81) | 7.36 | 7.36 |
| H2 2022 | 0.09 | 0.07 | 7.44 | 7.54 |
| Current | |
| Number of Units (Million) | 66.00 |
| Net Income/Unit ( Riyal) | 0.40 |
| Funds from operations/Unit ( Riyal) | 0.11 |
| P/E (X) (TTM) | 15.14 |
| Current Price/FFO (X) | 54.00 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.79 |
| Asset Growth (%) | (1.88 ) |
| Revenue Growth (%) | 6.4 |
| Net Income Growth (%) | 1,027.3 |
| Adjusted P/E (Last12) (X) | 15.14 |
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