Swicorp Wabel REIT posts FFO of SAR 6.2 mln, net loss of SAR 14.9 mln in 2021
31/03/2022
Argaam Exclusive
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Swicopr Wabel REIT Fund cut its 2021 net loss of SAR 14.9 million, from SAR 151.1 million a year earlier.
Funds from operations (FFO) amounted to SAR 6.2 million in 2021, down 71% from SAR 21.6 million in 2020.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 54.17 | 59.05 | 9.0 % |
| Funds from Operations(FFO) | 21.57 | 6.18 | (71.3 %) |
| Net Income | (151.05) | (14.86) | 90.2 % |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.18 | 0.05 | (71.3 %) |
| EPS (Riyals) | (1.28) | (0.13) | 90.2 % |
The lower losses were attributed to a 9% year-on-year (YoY) rise in leasing revenue. The fund also recorded a reversal of real estate investment provision of SAR 10 million in 2021, compared to a provision of SAR 151 million a year earlier.
Compared With The
Interim Comparasion (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Rental Income | 21.07 | 30.83 | 46.3 % |
| Funds from Operations(FFO) | (0.10) | (9.69) | (9,782.7 %) |
| Net Income | (10.04) | (6.75) | 32.8 % |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.00 | (0.08) | (9,782.7 %) |
| EPS (Riyals) | (0.09) | (0.06) | 32.8 % |
Balance Sheet (Million)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 982.36 | 946.68 | (3.6 %) |
| Total Debt | 7.99 | 7.67 | (4.0 %) |
| Net assets attributable to the Unitholders Item | 947.72 | 932.86 | (1.6 %) |
| Market value of net assets | 947.72 | 932.86 | (1.6 %) |
Net asset value (NAV) in 2021 stood at SAR 932.89 million, while net book value per unit reached SAR 7.91.
The full-year market value of assets stood at SAR 932.89 million, with market value per unit at SAR 7.91.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 28.22 | (14.7 %) | 15.87 | (26.8 %) | (8.11) | 94.2 % |
| H2 2021 | 30.83 | 46.3 % | (9.69) | (9,782.7 %) | (6.75) | 32.8 % |
| 2021 | 59.05 | 9.0 % | 6.18 | (71.3 %) | (14.86) | 90.2 % |
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 2021 | 969.88 | (4.1 %) | 7.51 | (11.4 %) | 939.61 | (1.9 %) | 939.61 | (1.9 %) |
| H2 2021 | 946.68 | (3.6 %) | 7.67 | (4.1 %) | 932.86 | (1.6 %) | 932.86 | (1.6 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | NEG | More than 100 |
| Q4 2021 | NEG | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.13 | (0.07) | 7.96 | 7.96 |
| H2 2021 | (0.08) | (0.06) | 7.91 | 7.91 |
| Current | |
| Number of Units (Million) | 118.00 |
| Net Income/Unit ( Riyal) | (0.59 ) |
| Funds from operations/Unit ( Riyal) | 0.01 |
| P/E (X) (TTM) | NEG |
| Current Price/FFO (X) | 592.47 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.73 |
| Asset Growth (%) | 11.5 |
| Revenue Growth (%) | 12.3 |
| Net Income Growth (%) | (281.89 ) |
| Adjusted P/E (Last12) (X) | Neg |
Share Price
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