Derayah REIT posts SAR 11.7 mln FFO, SAR 2.3 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

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Derayah REIT Fund reported a net loss of SAR 2.3 million (SAR -0.02 per unit) for the first half of 2023, against a profit of SAR 27.3 million (SAR 0.25 per unit) a year earlier, Derayah Financial, the fund manager, said in a statement to Tadawul.

Funds from operations (FFO) reached SAR 11.7 million during the six-month period, down 69% from SAR 37.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	62.29	49.27	(20.9 %)
Funds from Operations(FFO)	37.76	11.66	(69.1 %)
Net Income	27.31	(2.26)	(108.3 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.35	0.11	(69.1 %)
EPS (Riyals)	0.25	(0.02)	(108.3 %)

The losses were attributed to lower rental revenue, higher financing costs and recording a provision for impairment in real estate investment.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,688.66	1,637.41	(3.0 %)
Total Debt	747.98	747.98	-
Net assets attributable to the Unitholders Item	898.71	852.68	(5.1 %)
Market value of net assets	898.91	905.35	0.7 %

Net asset value (NAV) stood at SAR 852.68 million by the end of H1 2023, while net book value per unit reached SAR 7.93.

The market value of assets stood at SAR 905.35 million as of June 30, 2023, with a net market value per unit of SAR 8.42.

On July 31, the fund announced completing the sale of AlSharq Warehouses Complex in Riyadh for SAR 158 million and expects the related financial impact to reflect on the fund's results in H2 2023, according to data available with Argaam.

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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	-
2018	83.92	-	56.15	-	36.47	-
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 %)
2019	121.19	44.4 %	80.91	44.1 %	20.21	(44.6 %)
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 %
2020	121.39	0.2 %	77.11	(4.7 %)	14.92	(26.2 %)
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 %
H1 2022	62.29	(4.4 %)	37.76	(17.9 %)	27.31	0.0 %
H2 2022	60.84	(6.5 %)	29.60	27.9 %	19.88	8.8 %
2022	123.13	(5.4 %)	67.36	(2.6 %)	47.18	3.6 %
H1 2023	49.27	(20.9 %)	11.66	(69.1 %)	(2.26)	(108.3 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	83.92	-	56.15	-	36.47	-
2019	121.19	44.4 %	80.91	44.1 %	20.21	(44.6 %)
2020	121.39	0.2 %	77.11	(4.7 %)	14.92	(26.2 %)
2021	130.20	7.3 %	69.14	(10.3 %)	45.56	205.3 %
2022	123.13	(5.4 %)	67.36	(2.6 %)	47.18	3.6 %

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	1,206.20	-	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 %)
H1 2022	1,688.66	(1.4 %)	747.98	0.0 %	898.71	(3.4 %)	898.91	(3.6 %)
H2 2022	1,658.43	(2.1 %)	747.98	0.0 %	882.04	(3.1 %)	900.50	(1.1 %)
H1 2023	1,637.41	(3.0 %)	747.98	0.0 %	852.68	(5.1 %)	905.35	0.7 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,571.75	-	470.13	-	1,061.62	-	1,070.60	-
2019	1,609.36	2.4 %	579.98	23.4 %	1,001.42	(5.7 %)	1,003.34	(6.3 %)
2020	1,725.48	7.2 %	747.98	29.0 %	944.53	(5.7 %)	961.54	(4.2 %)
2021	1,694.72	(1.8 %)	747.98	0.0 %	910.11	(3.6 %)	910.75	(5.3 %)
2022	1,658.43	(2.1 %)	747.98	0.0 %	882.04	(3.1 %)	900.50	(1.1 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q2 2022	25.81	19.31
Q4 2022	23.06	16.15
Q2 2023	More than 100	25.09

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	24.71	16.04
2019	More than 100	13.95
2020	More than 100	15.61
2021	29.97	19.75
2022	23.06	16.15

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
H1 2022	0.35	0.25	8.36	8.36
H2 2022	0.28	0.18	8.20	8.38
H1 2023	0.11	(0.02)	7.93	8.42

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.52	0.34	9.87	9.96
2019	0.75	0.19	9.31	9.33
2020	0.72	0.14	8.79	8.94
2021	0.64	0.42	8.47	8.47
2022	0.63	0.44	8.20	8.38

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

Derayah REIT Fund (DERAYAH REIT)

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Derayah REIT posts SAR 11.7 mln FFO, SAR 2.3 mln net loss in H1 2023

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Derayah REIT Fund (DERAYAH REIT)

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Derayah REIT posts SAR 11.7 mln FFO, SAR 2.3 mln net loss in H1 2023

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Derayah REIT Fund (DERAYAH REIT)

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