AlAhli REIT (1) posts FFO of SAR 63.6 mln, net profit of SAR 14.7 mln in 2020

AlAhli REIT (1) posts FFO of SAR 63.6 mln, net profit of SAR 14.7 mln in 2020

17/03/2021 Argaam Exclusive

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The net profit of AlAhli REIT Fund (1) fell to SAR 14.7 million in 2020 (SAR 0.1/unit), a 75% decline from SAR 60.03 million a year earlier, fund manager NCB Capital said in a bourse statement.

 

Funds from Operations (FFO) reached SAR 63.6 million in 2020 from SAR 78.76 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Rental Income 151.70 141.31 (6.8 %)
Funds from Operations(FFO) 78.76 63.62 (19.2 %)
Net Income 60.03 14.72 (75.5 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.57 0.46 (19.2 %)
EPS (Riyals) 0.44 0.11 (75.5 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 81.29 78.24 (3.7 %)
Funds from Operations(FFO) 37.91 33.92 (10.5 %)
Net Income 29.29 13.10 (55.3 %)
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.28 0.25 (10.5 %)
EPS (Riyals) 0.21 0.10 (55.3 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,694.37 1,903.40 12.3 %
Total Debt 253.05 515.00 103.5 %
Net assets attributable to the Unitholders Item 1,367.62 1,320.47 (3.4 %)
Market value of net assets 1,396.62 1,361.35 (2.5 %)


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 75.60 - 47.47 - 37.14 -
H2 2018 72.73 - 39.76 - 29.52 -
H1 2019 70.41 (6.9 %) 40.85 (13.9 %) 30.74 (17.2 %)
H2 2019 81.29 11.8 % 37.91 (4.7 %) 29.29 (0.8 %)
H1 2020 63.07 (10.4 %) 29.69 (27.3 %) 1.62 (94.7 %)
H2 2020 78.24 (3.7 %) 33.92 (10.5 %) 13.10 (55.3 %)
2020 141.31 (6.8 %) 63.62 (19.2 %) 14.72 (75.5 %)

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 2018 1,464.37 - - - 1,412.14 - 1,389.48 -
H2 2018 1,450.19 - - - 1,396.97 - 1,416.96 -
H1 2019 1,430.55 (2.3 %) - - 1,383.02 (2.1 %) 1,379.00 (0.8 %)
H2 2019 1,694.37 16.8 % 253.05 - 1,367.62 (2.1 %) 1,396.62 (1.4 %)
H1 2020 1,905.15 33.2 % 501.63 - 1,324.56 (4.2 %) 1,318.00 (4.4 %)
H2 2020 1,903.40 12.3 % 515.00 103.5 % 1,320.47 (3.4 %) 1,361.35 (2.5 %)

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 16.01 12.23
Q2 2019 18.94 14.16
Q4 2019 21.76 16.59
Q2 2020 38.88 17.78
Q4 2020 More than 100 19.28

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.35 0.27 10.27 10.11
H2 2018 0.29 0.21 10.16 10.31
H1 2019 0.30 0.22 10.06 10.03
H2 2019 0.28 0.21 9.95 10.16
H1 2020 0.22 0.01 9.63 9.59
H2 2020 0.25 0.10 9.60 9.90


Financial Ratios
Current
Number of Units (Million) 137.50
Net Income/Unit ( Riyal) 0.24
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 29.66
Current Price/FFO (X) 17.31
Par Value ( Riyal) 10.00
Price/book 0.81
Asset Growth (%) 0.8
Revenue Growth (%) (1.60 )
Net Income Growth (%) (34.07 )
Adjusted P/E (Last12) (X) 29.66
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Share Price

AlAhli REIT Fund 1
7.17
0.04 0.56 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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