Jadwa REIT Al Haramain posts SAR 10.7M FFO, SAR 10.1M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Jadwa REIT Al Haramain Fund reported a net profit of SAR 10.1 million (SAR 0.15 per unit) for H1 2024, against a net loss of SAR 2.5 million (SAR 0.04 per unit) a year earlier.

Funds from operations (FFO) leapt 85% to nearly SAR 10.7 million in H1 2024, compared to SAR 5.8 million a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	17.89	27.65	54.6 %
Funds from Operations(FFO)	5.76	10.65	85.0 %
Net Income	(2.52)	10.09	500.8 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.09	0.16	85.0 %
EPS (Riyals)	(0.04)	0.15	500.8 %

The fund reported higher rental income from investment properties and a reversal of a provision for impairment of investment properties worth SAR 5.1 million in H1 2024, compared to allocating a provision of SAR 7.5 million a year earlier. In addition, the fund realized financing revenues in the first half of this year, compared to none for the same period of 2023.

However, this was offset by recording management fees of SAR 1.9 million compared with H1 2023, in addition to a decrease in dividends to SAR 424,000 compared to SAR 4.5 million a year before.

The fund also recorded a provision for expected credit losses at SAR 4 million in the six-month period, besides realizing losses from financial assets at fair value through profit and loss at SAR 1.5 million, against profits of SAR 500,000 in H1 2023.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	749.34	735.27	(1.9 %)
Total Debt	250.87	214.35	(14.6 %)
Net assets attributable to the Unitholders Item	488.23	506.02	3.6 %
Market value of net assets	488.23	506.02	3.6 %

Net asset value (NAV) stood at SAR 506.02 million as of June 30, 2024, while the net book value (NBV) per unit reached SAR 7.67.

The market value of assets stood at SAR 506.02 million by the end of H1 2024, with a market value per unit of SAR 7.67.

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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	-
2017	29.88	-	23.48	-	15.10	-
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 %
2018	53.98	80.7 %	35.56	51.4 %	23.61	56.3 %
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 %)
2019	52.57	(2.6 %)	32.56	(8.4 %)	18.97	(19.6 %)
H1 2020	8.07	(70.1 %)	(1.63)	(110.9 %)	(68.05)	(846.3 %)
H2 2020	-	-	(0.09)	(100.5 %)	0.01	(99.9 %)
2020	8.07	(84.7 %)	(1.72)	(105.3 %)	(68.05)	(458.6 %)
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 %)
2021	16.00	98.3 %	6.69	489.6 %	(9.16)	86.5 %
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 %)
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 %
H1 2024	27.65	54.6 %	10.65	85.0 %	10.09	500.8 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2017	29.88	-	23.48	-	15.10	-
2018	53.98	80.7 %	35.56	51.4 %	23.61	56.3 %
2019	52.57	(2.6 %)	32.56	(8.4 %)	18.97	(19.6 %)
2020	8.07	(84.7 %)	(1.72)	(105.3 %)	(68.05)	(458.6 %)
2021	16.00	98.3 %	6.69	489.6 %	(9.16)	86.5 %
2022	19.34	20.9 %	1.35	(79.9 %)	(48.51)	(429.8 %)
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 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 %
H2 2023	724.75	(3.6 %)	214.10	(14.6 %)	504.51	2.8 %	504.51	1.3 %
H1 2024	735.27	(1.9 %)	214.35	(14.6 %)	506.02	3.6 %	506.02	3.6 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2017	847.20	-	177.08	-	658.60	-	716.58	-
2018	832.91	(1.7 %)	180.84	2.1 %	646.33	(1.9 %)	716.96	0.1 %
2019	817.51	(1.8 %)	181.42	0.3 %	629.66	(2.6 %)	712.14	(0.7 %)
2020	789.36	(3.4 %)	232.01	27.9 %	548.41	(12.9 %)	631.45	(11.3 %)
2021	793.66	0.5 %	252.11	8.7 %	539.26	(1.7 %)	584.18	(7.5 %)
2022	751.78	(5.3 %)	250.62	(0.6 %)	490.75	(9.0 %)	497.96	(14.8 %)
2023	724.75	(3.6 %)	214.10	(14.6 %)	504.51	2.8 %	504.51	1.3 %

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q4 2023	31.23	More than 100
Q2 2024	15.32	More than 100

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	44.92	28.89
2018	20.97	13.92
2019	28.45	16.58
2020	NEG	NEG
2021	NEG	More than 100
2022	NEG	More than 100
2023	31.23	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
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
H2 2023	(0.05)	0.25	7.64	7.64
H1 2024	0.16	0.15	7.67	7.67

Period	Operating EPS	EPS	Book Value	Market Value
2017	0.36	0.23	9.98	10.86
2018	0.54	0.36	9.79	10.86
2019	0.49	0.29	9.54	10.79
2020	(0.03)	(1.03)	8.31	9.57
2021	0.10	(0.14)	8.17	8.85
2022	0.02	(0.73)	7.44	7.54
2023	0.04	0.21	7.64	7.64

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)	14.72
Current Price/FFO (X)	52.48
Par Value ( Riyal)	10.00
Price/book	0.77
Asset Growth (%)	(1.88 )
Revenue Growth (%)	6.4
Net Income Growth (%)	1,027.3
Adjusted P/E (Last12) (X)	14.72

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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Jadwa REIT Al Haramain posts SAR 10.7M FFO, SAR 10.1M net profit in H1 2024

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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Jadwa REIT Al Haramain posts SAR 10.7M FFO, SAR 10.1M net profit in H1 2024

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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