Swicorp Wabel REIT posts SAR 15.6 mln FFO, SAR 8.1 mln net loss in H1 2021

Swicorp Wabel REIT posts SAR 15.6 mln FFO, SAR 8.1 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

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Swicorp Wabel REIT Fund reported a net loss of SAR 8.1 million (SAR -0.7 per unit) for the first six months of 2021, from a loss of SAR 141 million in the similar period last year, fund manager, Swicorp Co., said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 15.6 million in H1 2021, compared to SAR 15.7 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 33.10 28.22 (14.7 %)
Funds from Operations(FFO) 21.66 15.87 (26.8 %)
Net Income (141.01) (8.11) 94.2 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.18 0.13 (26.8 %)
EPS (Riyals) (1.19) (0.07) 94.2 %

The decline in losses is attributed to higher rental revenue, lower real estate investment depreciation and lower Zakat expense, in addition to realizing impairment loss on real estate investment value during the similar period last year.

 

This was despite the increase in financing charges. 

 

Net asset value (NAV) stood at SAR 939.61 million (SAR 7.96/unit) by the end of June 30, 2021.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,011.00 969.88 (4.1 %)
Total Debt 8.47 7.51 (11.3 %)
Net assets attributable to the Unitholders Item 957.76 939.61 (1.9 %)
Market value of net assets 957.76 939.61 (1.9 %)

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 55.32 - 36.21 - 26.35 -
H2 2019 48.37 - 15.37 - 32.95 -
H1 2020 33.10 (40.2 %) 21.66 (40.2 %) (141.01) (635.2 %)
H2 2020 21.07 (56.4 %) (0.10) (100.6 %) (10.04) (130.5 %)
H1 2021 28.22 (14.7 %) 15.87 (26.8 %) (8.11) 94.2 %

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 2018 - - - - - - - -
H2 2018 1,148.80 - - - 1,122.08 - 1,122.08 -
H1 2019 1,157.46 - 8.77 - 1,116.56 - 1,120.75 -
H2 2019 1,186.67 3.3 % 8.30 - 1,149.51 2.4 % 1,164.18 3.8 %
H1 2020 1,011.00 (12.7 %) 8.47 (3.4 %) 957.76 (14.2 %) 957.76 (14.5 %)
H2 2020 982.36 (17.2 %) 7.99 (3.7 %) 947.72 (17.6 %) 947.72 (18.6 %)
H1 2021 969.88 (4.1 %) 7.51 (11.4 %) 939.61 (1.9 %) 939.61 (1.9 %)

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 - -
Q2 2019 - -
Q4 2019 16.36 18.81
Q2 2020 NEG 19.69
Q4 2020 NEG 40.54
Q2 2021 NEG More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - 9.51 9.51
H1 2019 0.31 0.22 9.46 9.50
H2 2019 0.13 0.28 9.74 9.87
H1 2020 0.18 (1.19) 8.12 8.12
H2 2020 0.00 (0.09) 8.03 8.03
H1 2021 0.13 (0.07) 7.96 7.96


Financial Ratios
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
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Share Price

Alinma Retail REIT Fund
4.79
0.01 0.21 %

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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