Jadwa REIT Al Haramain posts FFO loss of SAR 4.5 mln, net loss of SAR 53.4 mln in H1 2022

Jadwa REIT Al Haramain posts FFO loss of SAR 4.5 mln, net loss of SAR 53.4 mln in H1 2022

25/08/2022 Argaam Exclusive

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Jadwa REIT Al Haramain Fund widened net losses to SAR 53.4 million in the first half of 2022 (-SAR 0.81 per unit), from SAR 9.1 million a year earlier.

 

Funds from operations (FFO) losses reached SAR 4.5 million in the six-month period, against a net profit of SAR 3.4 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 8.00 0.91 (88.6 %)
Funds from Operations(FFO) 3.38 (4.49) (232.9 %)
Net Income (9.12) (53.36) (485.3 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.05 (0.07) (232.9 %)
EPS (Riyals) (0.14) (0.81) (485.3 %)


Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 783.37 743.92 (5.0 %)
Total Debt 232.30 252.77 8.8 %
Net assets attributable to the Unitholders Item 539.30 485.90 (9.9 %)
Market value of net assets 568.92 485.90 (14.6 %)

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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 %
H2 2021 8.00 - 3.31 3946.5 % (0.04) (575.0 %)
H1 2022 0.91 (88.6 %) (4.49) (232.9 %) (53.36) (485.3 %)

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 %)
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 %)
H1 2022 743.92 (5.0 %) 252.77 8.8 % 485.90 (9.9 %) 485.90 (14.6 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2022 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
H1 2021 0.05 (0.14) 8.17 8.62
H2 2021 0.05 0.00 8.17 8.85
H1 2022 (0.07) (0.81) 7.36 7.36


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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