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

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 -
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 %)
H1 2022 79.11 (3.9 %) 63.87 40.2 % 67.29 142.3 %

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 %

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

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


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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