Derayah REIT posts FFO of SAR 69.1 mln, net profit of SAR 45.6 mln in 2021

Derayah REIT posts FFO of SAR 69.1 mln, net profit of SAR 45.6 mln in 2021

31/03/2022 Argaam Exclusive

View other reports

Derayah REIT Fund posted a rise in 2021 net profit of SAR 69.1 million (SAR 0.42 per unit), from SAR 14.9 million a year earlier.

 

Funds from operations (FFO) reached SAR 69.1 million in 2021, a drop of 10% from SAR 77.1 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 121.39 130.20 7.3 %
Funds from Operations(FFO) 77.11 69.14 (10.3 %)
Net Income 14.92 45.56 205.3 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.72 0.64 (10.3 %)
EPS (Riyals) 0.14 0.42 205.3 %

The profit growth was spurred by higher lease revenue, along with the reversal SAR 2.4 million impairment of real estate investments provision in 2021, compared to a provision of SAR 34.3 million a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 64.84 65.08 0.4 %
Funds from Operations(FFO) 39.71 23.14 (41.7 %)
Net Income 7.37 18.27 147.8 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.37 0.22 (41.7 %)
EPS (Riyals) 0.07 0.17 147.8 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,725.48 1,694.72 (1.8 %)
Total Debt 747.98 747.98 -
Net assets attributable to the Unitholders Item 944.53 910.11 (3.6 %)
Market value of net assets 961.54 910.75 (5.3 %)

Net asset value (NAV) stood at SAR 910.11 million in 2021, while net book value per unit reached SAR 8.47.

 

The full-year market value of assets stood at SAR 910.75 million, with market value per unit at SAR 8.47.

 

View more financial results

 


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 36.95 - 27.56 - 21.56 -
H2 2018 46.98 - 28.59 - 14.91 -
H1 2019 59.36 60.7 % 37.23 35.1 % 25.35 17.6 %
H2 2019 61.83 31.6 % 43.69 52.8 % (5.13) (134.4 %)
H1 2020 56.55 (4.7 %) 37.40 0.5 % 7.55 (70.2 %)
H2 2020 64.84 4.9 % 39.71 (9.1 %) 7.37 243.6 %
H1 2021 65.13 15.2 % 45.99 23.0 % 27.29 261.4 %
H2 2021 65.08 0.4 % 23.14 (41.7 %) 18.27 147.8 %
2021 130.20 7.3 % 69.14 (10.3 %) 45.56 205.3 %

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 2018 1,206.20 - 96.94 - 1,085.63 - 1,112.55 -
H2 2018 1,571.75 - 470.13 - 1,061.62 - 1,070.60 -
H1 2019 1,554.56 28.9 % 474.41 389.4 % 1,046.76 (3.6 %) 1,041.87 (6.4 %)
H2 2019 1,609.36 2.4 % 579.98 23.4 % 1,001.42 (5.7 %) 1,003.34 (6.3 %)
H1 2020 1,573.84 1.2 % 589.40 24.2 % 968.76 (7.5 %) 990.80 (4.9 %)
H2 2020 1,725.48 7.2 % 747.98 29.0 % 944.53 (5.7 %) 961.54 (4.2 %)
H1 2021 1,711.90 8.8 % 747.98 26.9 % 930.54 (3.9 %) 932.87 (5.8 %)
H2 2021 1,694.72 (1.8 %) 747.98 0.0 % 910.11 (3.6 %) 910.75 (5.3 %)

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 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93
Q4 2020 More than 100 15.61
Q2 2021 41.06 16.61
Q4 2021 29.97 19.75

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.26 0.20 10.10 10.35
H2 2018 0.27 0.14 9.87 9.96
H1 2019 0.35 0.24 9.74 9.69
H2 2019 0.41 (0.05) 9.31 9.33
H1 2020 0.35 0.07 9.01 9.22
H2 2020 0.37 0.07 8.79 8.94
H1 2021 0.43 0.25 8.66 8.68
H2 2021 0.22 0.17 8.47 8.47


Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 11.88
Current Price/FFO (X) 27.31
Par Value ( Riyal) 10.00
Price/book 0.73
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.88
more

Share Price

Derayah REIT Fund
6.03
(0.06) (0.99 %)

Derayah REIT Fund (DERAYAH REIT)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.