Al Maather REIT Fund posts SAR 38.7 mln FFO, SAR 8.4 mln profit in 2021

Al Maather REIT Fund posts SAR 38.7 mln FFO, SAR 8.4 mln profit in 2021

31/03/2022 Argaam Exclusive

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Al Maather REIT Fund turned to a net income of SAR 8.4 million (SAR 0.14 per unit) in 2021, compared to a net loss of SAR 7.4 million (-SAR 0.12 per unit) in 2020, fund manager Osool & Bakheet Investment Co. said in a bourse statement today, March 31. 

 

Funds from operations (FFO) stood at SAR 38.7 million in 2021, from SAR 26 million a year earlier. 



Financials (M)

Item 2020 2021 Change‬
Rental Income 51.27 51.63 0.7 %
Funds from Operations(FFO) 25.99 38.67 48.8 %
Net Income (7.37) 8.38 213.8 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.42 0.63 48.8 %
EPS (Riyals) (0.12) 0.14 213.8 %

The losses were attributed to expected credit loss expenses of SAR 836,00 in 2021, compared to SAR 11.4 million a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 24.48 26.68 9.0 %
Funds from Operations(FFO) 15.83 20.18 27.5 %
Net Income (11.26) (2.90) 74.2 %
No of shares 61.37 61.37 -
Operating EPS (Riyals) 0.26 0.33 27.5 %
EPS (Riyals) (0.18) (0.05) 74.2 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 668.84 660.03 (1.3 %)
Total Debt 90.68 100.29 10.6 %
Net assets attributable to the Unitholders Item 549.41 533.85 (2.8 %)
Market value of net assets 544.47 594.60 9.2 %

Net asset value (NAV) stood at SAR 533.9 million (SAR 8.7 per unit) at the end of 2021.

 

The market value of assets stood at SAR 594.7 million in 2021, with market value per unit at SAR 9.69.

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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 %)
H2 2020 24.48 (11.6 %) 15.83 (19.5 %) (11.26) (253.5 %)
H1 2021 24.95 (6.8 %) 18.49 81.9 % 11.28 189.6 %
H2 2021 26.68 9.0 % 20.18 27.5 % (2.90) 74.2 %
2021 51.63 0.7 % 38.67 48.8 % 8.38 213.8 %

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 %)
H2 2020 668.84 3.4 % 90.68 223.2 % 549.41 (7.6 %) 544.47 (9.7 %)
H1 2021 661.16 3.3 % 100.46 66.1 % 536.75 (4.3 %) 593.93 2.7 %
H2 2021 660.03 (1.3 %) 100.29 10.6 % 533.85 (2.8 %) 594.60 9.2 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2020 NEG 21.02
Q2 2021 More than 100 16.81
Q4 2021 More than 100 14.22

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
H2 2020 0.26 (0.18) 8.95 8.87
H1 2021 0.30 0.18 8.75 9.68
H2 2021 0.33 (0.05) 8.70 9.69


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) 14.12
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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Share Price

AL Maather REIT Fund
9.45
0.05 0.53 %

AL Maather REIT Fund (AL MAATHER REIT)

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