Al Maather REIT posts FFO of SAR 9.6 mln, net profit of SAR 3.9 mln in H1 2020

Al Maather REIT posts FFO of SAR 9.6 mln, net profit of SAR 3.9 mln in H1 2020

16/08/2020 Argaam Exclusive

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Al Maather REIT Fund posted a net profit of SAR 3.9 million in the first half of 2020 (SAR 0.06/ unit), compared to a profit of SAR 14.1 million in the same period last year, Osool and Bakheet Investment Company, the fund manager, said in a bourse filing on Sunday.

 

Funds from operations (FFO) reached SAR 9.6 million in H1 2020 compared to SAR 20.3 million a year earlier.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 25.61 26.78 4.6 %
Funds from Operations(FFO) 20.85 10.16 (51.3 %)
Net Income 14.06 3.90 (72.3 %)
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.34 0.17 (51.3 %)
EPS (Riyals) 0.23 0.06 (72.3 %)

The reason for the decline in profit was attributed to expected credit loss provision of SAR 10.1 million, in addition to Islamic finance cost of SAR 924, 482 and fund management fees, despite high rental income.

 

 



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 611.15 639.92 4.7 %
Total Debt 6.68 60.47 805.2 %
Net assets attributable to the Unitholders Item 587.48 560.67 (4.6 %)
Market value of net assets 595.52 578.45 (2.9 %)

Net asset value (book value) at the end of the period stood at SAR 560.67 million, while net unit value was SAR 9.13.

 

The market value of assets stood at SAR 578.45 million in H1 2020, and the per unit market value reached SAR 9.42.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 25.89 - 20.66 - 13.69 -
H2 2018 26.41 - 20.77 - (9.29) -
H1 2019 25.61 (1.1 %) 20.85 0.9 % 14.06 2.8 %
H2 2019 27.68 4.8 % 19.65 (5.4 %) 7.34 179.0 %
H1 2020 26.78 4.6 % 10.16 (51.3 %) 3.90 (72.3 %)

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 - - - - - - - -
H2 2017 - - - - - - - -
H1 2018 643.58 - - - 621.99 - 599.21 -
H2 2018 635.68 - - - 612.70 - 615.74 -
H1 2019 611.15 (5.0 %) 6.68 - 587.48 (5.5 %) 595.52 (0.6 %)
H2 2019 646.58 1.7 % 28.06 - 594.82 (2.9 %) 602.71 (2.1 %)
H1 2020 639.92 4.7 % 60.47 805.4 % 560.67 (4.6 %) 578.45 (2.9 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 More than 100 11.27
Q2 2019 More than 100 11.32
Q4 2019 25.15 13.29
Q2 2020 39.72 14.97

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - - -
H1 2018 0.34 0.22 10.14 9.76
H2 2018 0.34 (0.15) 9.98 10.03
H1 2019 0.34 0.23 9.57 9.70
H2 2019 0.32 0.12 9.69 9.82
H1 2020 0.17 0.06 9.14 9.43


Financial Ratios
Current
Number of Units (Million) 61.37
Net Income/Unit ( Riyal) 0.67
Funds from operations/Unit ( Riyal) 0.70
P/E (X) (TTM) 14.05
Current Price/FFO (X) 13.36
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) 14.05
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Share Price

AL Maather REIT Fund
9.40
0.05 0.53 %

AL Maather REIT Fund (AL MAATHER REIT)

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