AlAhli REIT Fund (1) posts FFO of SAR 49.9 mln, net profit of SAR 37.2 mln in H1 2021

AlAhli REIT Fund (1) posts FFO of SAR 49.9 mln, net profit of SAR 37.2 mln in H1 2021

18/08/2021 Argaam Exclusive

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AlAhli REIT Fund (1) posted a net profit of SAR 37.2 million (SAR 0.27 per unit) for the first half of 2021, compared with SAR 1.6 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 49.9 million in H1 2021, compared with SAR 29.7 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 63.07 88.52 40.4 %
Funds from Operations(FFO) 29.69 49.93 68.2 %
Net Income 1.62 37.16 2193.6 %
No of shares 137.50 137.50 -
Operating EPS (Riyals) 0.22 0.36 68.2 %
EPS (Riyals) 0.01 0.27 2193.6 %

The profit is attributed to higher lease revenue and lack of real estate impairment provision.

 

This was offset by higher management fees, financing charges and other income.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,905.15 1,956.60 2.7 %
Total Debt 501.63 558.22 11.3 %
Net assets attributable to the Unitholders Item 1,324.56 1,312.94 (0.9 %)
Market value of net assets 1,318.00 1,349.29 2.4 %

Net asset value (NAV) in H1 2021 stood at SAR 1.312 billion, while net book value per unit reached SAR 9.55.

 

The market value of assets stood at SAR 1.349 billion in H1 2021, with market value per unit as fair value at SAR 9.81.

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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 %)
H1 2021 88.52 40.4 % 49.93 68.2 % 37.16 2193.6 %

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 %)
H1 2021 1,956.60 2.7 % 558.22 11.3 % 1,312.94 (0.9 %) 1,349.29 2.4 %

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 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
Q2 2021 34.31 20.56

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
H1 2021 0.36 0.27 9.55 9.81


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) 29.74
Current Price/FFO (X) 17.36
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) 29.74
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Share Price

AlAhli REIT Fund 1
7.17
0.06 0.84 %

AlAhli REIT Fund 1 (ALAHLI REIT 1)

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