Al Rajhi REIT reports SAR 54 mln FFO, net loss at SAR 18 mln in H1 2020
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Al Rajhi REIT Fund reported net losses of SAR 17.7 million (SAR 0.11/unit) for the first half of 2020, versus net profit of SAR 30.1 million in year-earlier period, Al Rajhi Capital, the fund manager said in a bourse statement.
Funds from operations (FFO) stood at SAR 54.1 million in H1 2020, compared to SAR 37.9 million in a year-earlier period.
Financials (M)
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 56.29 | 84.96 | 50.9 % |
| Funds from Operations(FFO) | 37.92 | 54.13 | 42.8 % |
| Net Income | 30.05 | (17.66) | (158.8 %) |
| No of shares | 122.21 | 161.86 | 32.4 % |
| Operating EPS (Riyals) | 0.31 | 0.33 | 7.8 % |
| EPS (Riyals) | 0.25 | (0.11) | (144.4 %) |
These losses were driven by higher administrative fees, higher other expenses, increased amortization of real estate investments and the allocation of provisions for property impairment during the six-month period.
Balance Sheet (Million)
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 1,724.08 | 2,338.00 | 35.6 % |
| Total Debt | 456.91 | 791.25 | 73.2 % |
| Net assets attributable to the Unitholders Item | 1,242.51 | 1,526.79 | 22.9 % |
| Market value of net assets | 1,242.96 | 1,580.26 | 27.1 % |
Net asset value (NAV) stood at SAR 1.5 billion by the end of June 30, 2020, with a net book value per unit at SAR 9.43.
Net asset value as fair value stood at SAR 1.58 billion in H1 2020, with net asset value per unit as fair value at SAR 9.76.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 84.96 | 50.9 % | 54.13 | 42.8 % | (17.66) | (158.8 %) |
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 2020 | 2,338.00 | 35.6 % | 791.25 | 73.2 % | 1,526.79 | 22.9 % | 1,580.26 | 27.1 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | More than 100 | 15.52 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.33 | (0.11) | 9.43 | 9.76 |
| Current | |
| Number of Units (Million) | 275.61 |
| Net Income/Unit ( Riyal) | 0.27 |
| Funds from operations/Unit ( Riyal) | 0.40 |
| P/E (X) (TTM) | 30.24 |
| Current Price/FFO (X) | 20.84 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.03 |
| Asset Growth (%) | 43.4 |
| Revenue Growth (%) | 21.4 |
| Net Income Growth (%) | (33.39 ) |
| Adjusted P/E (Last12) (X) | 30.24 |
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