Al Maather REIT posts SAR 24.9 mln FFO, SAR 7.4 mln net loss in 2020
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Al Maather REIT Fund reported a net loss of SAR 7.4 million (SAR -0.12/unit) for 2020, against a net profit of SAR 21.40 million a year earlier, Osool & Bakheet Investment, fund manager, said in a bourse filing.
Funds from operations (FFO) dropped 39% to SAR 24.9 million in 2020 from SAR 40.5 million in 2019.
The losses were attributed to expected credit loss expenses of SAR 11.4 million in 2020, compared to SAR 1 million a year earlier. The fund recorded real estate investment impairments of SAR 16.6 million, compared to SAR 3.7 million in 2019.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 53.29 | 51.27 | (3.8 %) |
| Funds from Operations(FFO) | 40.50 | 25.99 | (35.8 %) |
| Net Income | 21.40 | (7.37) | (134.4 %) |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.66 | 0.42 | (35.8 %) |
| EPS (Riyals) | 0.35 | (0.12) | (134.4 %) |
Interim Comparasion (M)
| Item | H2 2019 | H2 2020 | Change |
|---|---|---|---|
| Rental Income | 27.68 | 24.48 | (11.6 %) |
| Funds from Operations(FFO) | 19.65 | 15.83 | (19.5 %) |
| Net Income | 7.34 | (11.26) | (253.5 %) |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.32 | 0.26 | (19.5 %) |
| EPS (Riyals) | 0.12 | (0.18) | (253.5 %) |
Balance Sheet (Million)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 646.58 | 668.84 | 3.4 % |
| Total Debt | 28.06 | 90.68 | 223.2 % |
| Net assets attributable to the Unitholders Item | 594.82 | 549.41 | (7.6 %) |
| Market value of net assets | 602.71 | 544.47 | (9.7 %) |
Net asset value (NAV) stood at SAR 549.4 million, while the NAV per unit reached SAR 9 during the year.
The market value of assets reached SAR 544.4 million, with per unit market value stood at SAR 8.9.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 26.78 | 4.6 % | 10.16 | (51.3 %) | 3.90 | (72.3 %) |
| H2 2020 | 24.48 | (11.6 %) | 15.83 | (19.5 %) | (11.26) | (253.5 %) |
| 2020 | 51.27 | (3.8 %) | 25.99 | (35.8 %) | (7.37) | (134.4 %) |
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 2020 | 639.92 | 4.7 % | 60.47 | 805.4 % | 560.67 | (4.6 %) | 578.45 | (2.9 %) |
| H2 2020 | 668.84 | 3.4 % | 90.68 | 223.2 % | 549.41 | (7.6 %) | 544.47 | (9.7 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | 39.72 | 14.97 |
| Q4 2020 | NEG | 21.02 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.17 | 0.06 | 9.14 | 9.43 |
| H2 2020 | 0.26 | (0.18) | 8.95 | 8.87 |
| Current | |
| Number of Units (Million) | 61.37 |
| Net Income/Unit ( Riyal) | 0.67 |
| Funds from operations/Unit ( Riyal) | 0.70 |
| P/E (X) (TTM) | 14.12 |
| Current Price/FFO (X) | 13.43 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.12 |
| Asset Growth (%) | (1.11 ) |
| Revenue Growth (%) | 5.9 |
| Net Income Growth (%) | (6.46 ) |
| Adjusted P/E (Last12) (X) | 14.12 |
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