Al Rajhi REIT posts SAR 80.1 mln FFO, SAR 175.1 mln loss in 2021

Al Rajhi REIT posts SAR 80.1 mln FFO, SAR 175.1 mln loss in 2021

31/03/2022 Argaam Exclusive

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Al Rajhi REIT Fund reported a net loss of SAR 175.1 million in 2021 from a net profit of SAR 12.5 million in 2020, fund manager Al Rajhi Capital said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 80.1 million in 2021, from SAR 105.1 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Rental Income 168.86 130.28 (22.8 %)
Funds from Operations(FFO) 105.06 75.49 (28.1 %)
Net Income 12.45 (175.08) (1506.0 %)
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.65 0.47 (28.1 %)
EPS (Riyals) 0.08 (1.08) (1506.0 %)

The losses were attributed to lower rental revenue and higher provision of impairment on investment properties.

 

This came despite the decrease in administrative fees and financing charges, as well as the increase in other revenue.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 83.90 47.95 (42.8 %)
Funds from Operations(FFO) 50.92 29.92 (41.3 %)
Net Income 30.11 (15.82) (152.5 %)
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.31 0.18 (41.3 %)
EPS (Riyals) 0.19 (0.10) (152.5 %)

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 2,322.01 2,061.50 (11.2 %)
Total Debt 791.26 791.26 -
Net assets attributable to the Unitholders Item 1,511.58 1,245.86 (17.6 %)
Market value of net assets 1,577.51 1,297.21 (17.8 %)

Net asset value (NAV) stood at SAR 1.245 billion (SAR 7.7 per unit) at the end of 2021.

 

The market value of assets stood at SAR 1.297 billion in 2021, with market value per unit as fair value at SAR 8.01.

 

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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 %
H1 2021 82.33 (3.1 %) 45.57 (15.8 %) (159.26) (801.9 %)
H2 2021 47.95 (42.8 %) 29.92 (41.3 %) (15.82) (152.5 %)
2021 130.28 (22.8 %) 75.49 (28.1 %) (175.08) (1506.0 %)

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 %)
H1 2021 2,122.45 (9.2 %) 791.26 0.0 % 1,307.00 (14.4 %) 1,333.56 (15.6 %)
H2 2021 2,061.50 (11.2 %) 791.26 0.0 % 1,245.86 (17.6 %) 1,297.21 (17.8 %)

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 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
Q2 2021 NEG 19.93
Q4 2021 NEG 23.41

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
H1 2021 0.28 (0.98) 8.08 8.24
H2 2021 0.18 (0.10) 7.70 8.01


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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