Jadwa REIT Al Haramain turns to SAR 5.8 mln FFO, SAR 2.5 mln net loss in H1 2023

Jadwa REIT Al Haramain turns to SAR 5.8 mln FFO, SAR 2.5 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

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Jadwa REIT Al Haramain Fund narrowed net losses to SAR 2.5 million (SAR -0.04 per unit) for the first half of 2023, from SAR 53.4 million a year earlier, Jadwa Investment, the fund manager, said in a statement to Tadawul.

 

Funds from operations (FFO) reached around SAR 5.8 million during the six-month period, against a negative FFO of SAR 4.5 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 0.91 17.89 1863.4 %
Funds from Operations(FFO) (4.49) 5.76 228.3 %
Net Income (53.36) (2.52) 95.3 %
No of shares 66.00 66.00 -
Operating EPS (Riyals) (0.07) 0.09 228.3 %
EPS (Riyals) (0.81) (0.04) 95.3 %

The decline in losses in H1 2023 was driven by lower provision for impairment in real estate investments, higher revenues from real estate investments and recognizing higher dividends year-on-year.

 

This came despite the increase in financing costs and administrative expenses.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 743.92 749.34 0.7 %
Total Debt 252.77 250.87 (0.8 %)
Net assets attributable to the Unitholders Item 485.90 488.23 0.5 %
Market value of net assets 485.90 488.23 0.5 %

Net asset value (NAV) stood at SAR 488.23 million by the end of H1 2023, while net book value per unit reached SAR 7.40.

 

The market value of assets stood at SAR 488.23 million as of June 30, 2023, with a market value per unit of SAR 7.40.

 

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 %)
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 %
H1 2023 17.89 1863.4 % 5.76 228.3 % (2.52) 95.3 %

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 %)
H2 2022 751.78 (5.3 %) 250.62 (0.6 %) 490.75 (9.0 %) 497.96 (14.8 %)
H1 2023 749.34 0.7 % 250.87 (0.8 %) 488.23 0.5 % 488.23 0.5 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2022 NEG More than 100
Q2 2023 More than 100 43.26

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
H2 2022 0.09 0.07 7.44 7.54
H1 2023 0.09 (0.04) 7.40 7.40


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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