Al Rajhi REIT reports SAR 63.9 mln FFO in H1 2022; net income at SAR 67.3 mln

16/08/2022 Argaam Exclusive

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Al Rajhi REIT Fund reported a net profit of SAR 67.3 million, or SAR 0.42 a unit, in H1 2022, versus a net loss of SAR 159.3 million in the year-earlier period.

Funds from operations (FFO) reached nearly SAR 63.9 million in H1 2022, compared to SAR 45.6 million in year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	82.33	79.11	(3.9 %)
Funds from Operations(FFO)	45.57	63.87	40.2 %
Net Income	(159.26)	67.29	142.3 %
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.28	0.39	40.2 %
EPS (Riyals)	(0.98)	0.42	142.3 %

This was driven by writing back SAR 11.7 million in accounts receivable impairment in H1 2022, versus SAR 14 million in provisions in the prior-year period. In addition, the fund noted the write-back of SAR 17.4 million impairment of investment properties in H1 2022, compared to SAR 190.5 million provision in the year-earlier period.

However, rental income for the six-month period dropped 4% year-on-year (YoY), while cost of finance increased by 20% YoY in H1 2022.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	2,122.45	2,191.44	3.3 %
Total Debt	791.26	896.40	13.3 %
Net assets attributable to the Unitholders Item	1,307.00	1,267.83	(3.0 %)
Market value of net assets	1,333.56	1,344.13	0.8 %

The net asset book value stood at SAR 1.267 billion in H1 2022, or SAR 7.83 per unit, while the asset market value reached SAR 1.344 billion, or SAR 8.30 per unit, in the six-month period

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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	-
2018	91.84	-	63.14	-	49.65	-
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 %)
2019	115.93	26.2 %	72.74	15.2 %	56.10	13.0 %
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 %)
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 %)
H1 2022	79.11	(3.9 %)	63.87	40.2 %	67.29	142.3 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	91.84	-	63.14	-	49.65	-
2019	115.93	26.2 %	72.74	15.2 %	56.10	13.0 %
2020	168.86	45.6 %	105.06	44.4 %	12.45	(77.8 %)
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 %)
H1 2022	2,191.44	3.3 %	896.40	13.3 %	1,267.83	(3.0 %)	1,344.13	0.8 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,740.37	-	456.91	-	1,250.41	-	1,232.64	-
2019	2,386.20	37.1 %	791.25	73.2 %	1,578.44	26.2 %	1,603.66	30.1 %
2020	2,322.01	(2.7 %)	791.26	0.0 %	1,511.58	(4.2 %)	1,577.51	(1.6 %)
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 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
Q2 2022	48.84	15.74

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	45.30	20.92
2019	47.45	21.49
2020	More than 100	14.94
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
H1 2022	0.39	0.42	7.83	8.30

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.52	0.31	7.73	10.09
2019	0.45	0.35	9.75	9.91
2020	0.65	0.08	9.34	9.75
2021	0.47	(1.08)	7.70	8.01

Financial Ratios

	Current
Number of Units (Million)	275.61
Net Income/Unit ( Riyal)	0.27
Funds from operations/Unit ( Riyal)	0.40
P/E (X) (TTM)	30.28
Current Price/FFO (X)	20.86
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)	30.28

Al Rajhi REIT Fund (Al RAJHI REIT)

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Al Rajhi REIT reports SAR 63.9 mln FFO in H1 2022; net income at SAR 67.3 mln

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

Al Rajhi REIT Fund (Al RAJHI REIT)

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