Al Rajhi REIT reports SAR 105.1 mln FFO, SAR 12.5 mln net profit in 2020

Al Rajhi REIT reports SAR 105.1 mln FFO, SAR 12.5 mln net profit in 2020

22/03/2021 Argaam Exclusive

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Al Rajhi REIT Fund reported a 78% slump in 2020 net profit to SAR 12.5 million (SAR 0.08/unit) from SAR 56.10 million a year earlier, Al Rajhi Capital, the fund manager said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 105.1 million in 2020, compared to SAR 82.74 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Rental Income 115.93 168.86 45.6 %
Funds from Operations(FFO) 72.74 105.06 44.4 %
Net Income 56.10 12.45 (77.8 %)
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.45 0.65 44.4 %
EPS (Riyals) 0.35 0.08 (77.8 %)

These profit drop was attributed to SAR 64.9 million impairment on investment properties, a 48% rise year-on-year (YoY) in operating expenses and a 63% increase YoY in real estate investment depreciation.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 59.64 83.90 40.7 %
Funds from Operations(FFO) 34.82 50.92 46.2 %
Net Income 26.06 30.11 15.5 %
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.22 0.31 46.2 %
EPS (Riyals) 0.16 0.19 15.5 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 2,386.20 2,322.01 (2.7 %)
Total Debt 791.25 791.26 0.0 %
Net assets attributable to the Unitholders Item 1,578.44 1,511.58 (4.2 %)
Market value of net assets 1,603.66 1,577.51 (1.6 %)

Net asset value (NAV) stood at SAR 1.511 billion by the end of 2020, with a net book value per unit at SAR 9.3.

 

Net asset value at fair value stood at SAR 1.578 billion in 2020, with net asset value per unit at fair value reached SAR 9.75.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 37.24 - 25.87 - 20.37 -
H2 2018 54.60 - 37.27 - 29.28 -
H1 2019 56.29 51.1 % 37.92 46.6 % 30.05 47.5 %
H2 2019 59.64 9.2 % 34.82 (6.6 %) 26.06 (11.0 %)
H1 2020 84.96 50.9 % 54.13 42.8 % (17.66) (158.8 %)
H2 2020 83.90 40.7 % 50.92 46.2 % 30.11 15.5 %
2020 168.86 45.6 % 105.06 44.4 % 12.45 (77.8 %)

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 2018 1,687.90 - 399.91 - 1,242.38 - 1,146.94 -
H2 2018 1,740.37 - 456.91 - 1,250.41 - 1,232.64 -
H1 2019 1,724.08 2.1 % 456.91 14.3 % 1,242.51 0.0 % 1,242.96 8.4 %
H2 2019 2,386.20 37.1 % 791.25 73.2 % 1,578.44 26.2 % 1,603.66 30.1 %
H1 2020 2,338.00 35.6 % 791.25 73.2 % 1,526.79 22.9 % 1,580.26 27.1 %
H2 2020 2,322.01 (2.7 %) 791.26 0.0 % 1,511.58 (4.2 %) 1,577.51 (1.6 %)

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 45.30 15.79
Q2 2019 40.42 14.14
Q4 2019 47.45 21.49
Q2 2020 More than 100 15.52
Q4 2020 More than 100 14.94

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.21 0.17 10.17 9.39
H2 2018 0.30 0.24 10.23 10.09
H1 2019 0.31 0.25 10.17 10.17
H2 2019 0.22 0.16 9.75 9.91
H1 2020 0.33 (0.11) 9.43 9.76
H2 2020 0.31 0.19 9.34 9.75


Financial Ratios
Current
Number of Units (Million) 275.61
Net Income/Unit ( Riyal) 0.52
Funds from operations/Unit ( Riyal) 0.55
P/E (X) (TTM) 16.16
Current Price/FFO (X) 15.35
Par Value ( Riyal) 10.00
Price/book 1.05
Asset Growth (%) 0.7
Revenue Growth (%) 45.3
Net Income Growth (%) 185.5
Adjusted P/E (Last12) (X) 16.16
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Share Price

Al Rajhi REIT Fund
8.39
(0.04) (0.47 %)

Al Rajhi REIT Fund (Al RAJHI REIT)

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