Jadwa REIT Al Haramain makes SAR 2.5M FFO, SAR 13.8M net profit in 2023
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Jadwa REIT Al Haramain Fund reported a net profit of SAR 13.8 million (SAR 0.21 per unit) for 2023, against a net loss of SAR 48.5 million in 2022.
Funds from operations (FFO) grew 86% to nearly SAR 2.5 million in 2023, compared to SAR 1.4 million a year ago.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 19.34 | 28.88 | 49.3 % |
| Funds from Operations(FFO) | 1.35 | 2.50 | 85.7 % |
| Net Income | (48.51) | 13.76 | 128.4 % |
| No of shares | 66.00 | 66.00 | - |
| Operating EPS (Riyals) | 0.02 | 0.04 | 85.7 % |
| EPS (Riyals) | (0.73) | 0.21 | 128.4 % |
The fund reported higher rental income from investment properties and financial assets in 2023. It also recorded an increase in dividends and a reversal of impairment in investment properties at SAR 5.3 million during the same year, compared to posting a provision of SAR 39.9 million in 2022.
On the other hand, finance income soared in 2023. Jadwa REIT Al Haramain also reported management fees of SAR 1.2 million for the same year.
Interim Comparasion (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Rental Income | 18.43 | 11.00 | (40.3 %) |
| Funds from Operations(FFO) | 5.84 | (3.26) | (155.8 %) |
| Net Income | 4.86 | 16.27 | 235.1 % |
| No of shares | 66.00 | 66.00 | - |
| Operating EPS (Riyals) | 0.09 | (0.05) | (155.8 %) |
| EPS (Riyals) | 0.07 | 0.25 | 235.1 % |
Balance Sheet (Million)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 751.78 | 724.75 | (3.6 %) |
| Total Debt | 250.62 | 214.10 | (14.6 %) |
| Net assets attributable to the Unitholders Item | 490.75 | 504.51 | 2.8 % |
| Market value of net assets | 497.96 | 504.51 | 1.3 % |
Net asset value (NAV) stood at SAR 504.50 million as of Dec. 31, 2023, while the net book value per unit reached SAR 7.64.
The market value of assets stood at SAR 504.50 million by the end of 2023, with a market value per unit of SAR 7.64.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 17.89 | 1863.4 % | 5.76 | 228.3 % | (2.52) | 95.3 % |
| H2 2023 | 11.00 | (40.3 %) | (3.26) | (155.8 %) | 16.27 | 235.1 % |
| 2023 | 28.88 | 49.3 % | 2.50 | 85.7 % | 13.76 | 128.4 % |
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 2023 | 749.34 | 0.7 % | 250.87 | (0.8 %) | 488.23 | 0.5 % | 488.23 | 0.5 % |
| H2 2023 | 724.75 | (3.6 %) | 214.10 | (14.6 %) | 504.51 | 2.8 % | 504.51 | 1.3 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | More than 100 | 43.26 |
| Q4 2023 | 31.23 | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.09 | (0.04) | 7.40 | 7.40 |
| H2 2023 | (0.05) | 0.25 | 7.64 | 7.64 |
| 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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