Jadwa REIT Saudi posts SAR 112.3 mln FFO, SAR 154.1 mln net profit in 2020

Jadwa REIT Saudi posts SAR 112.3 mln FFO, SAR 154.1 mln net profit in 2020

31/03/2021 Argaam Exclusive

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Jadwa REIT Saudi Fund rose to a net profit of SAR 154.1 million (SAR 0.98/unit) for 2020, from a net profit of SAR 76.7 million a year earlier.

 

Funds from operations (FFO) fell 1% to SAR 112.3 million in 2020 from SAR 113.5 million in 2019.

 

The increase in profit was attributed to higher revenue despite the rise in financing cost.



Financials (M)

Item 2019 2020 Change‬
Rental Income 133.73 136.63 2.2 %
Funds from Operations(FFO) 113.52 112.29 (1.1 %)
Net Income 76.65 154.09 101.0 %
No of shares 158.00 158.00 -
Operating EPS (Riyals) 0.72 0.71 (1.1 %)
EPS (Riyals) 0.49 0.98 101.0 %


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 68.18 69.99 2.7 %
Funds from Operations(FFO) 58.17 57.38 (1.4 %)
Net Income 39.42 118.42 200.4 %
No of shares 158.00 158.00 -
Operating EPS (Riyals) 0.37 0.36 (1.4 %)
EPS (Riyals) 0.25 0.75 200.4 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,680.99 2,161.63 28.6 %
Total Debt 127.77 573.12 348.6 %
Net assets attributable to the Unitholders Item 1,537.70 1,576.45 2.5 %
Market value of net assets 1,765.57 1,850.01 4.8 %

Net asset value (NAV) stood at SAR 1.57645 billion, while the NAV per unit reached SAR 9.98 during the year.

 

The market value of assets reached SAR 1.85 billion, with per unit market value stood at SAR 11.71.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 52.13 - 45.57 - 27.92 -
H2 2018 65.43 - 57.74 - 39.57 -
H1 2019 65.55 25.8 % 55.35 21.5 % 37.23 33.3 %
H2 2019 68.18 4.2 % 58.17 0.7 % 39.42 (0.4 %)
H1 2020 66.64 1.7 % 54.91 (0.8 %) 35.67 (4.2 %)
H2 2020 69.99 2.7 % 57.38 (1.4 %) 118.42 200.4 %
2020 136.63 2.2 % 112.29 (1.1 %) 154.09 101.0 %

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 1,608.42 - - - 1,592.12 - 1,742.35 -
H2 2018 1,581.78 - - - 1,574.81 - 1,743.21 -
H1 2019 1,590.69 (1.1 %) 27.10 - 1,555.15 (2.3 %) 1,746.99 0.3 %
H2 2019 1,680.99 6.3 % 127.77 - 1,537.70 (2.4 %) 1,765.57 1.3 %
H1 2020 1,655.50 4.1 % 123.12 354.3 % 1,514.91 (2.6 %) 1,766.46 1.1 %
H2 2020 2,161.63 28.6 % 573.12 348.5 % 1,576.45 2.5 % 1,850.01 4.8 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
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 24.04 13.31
Q2 2019 22.59 12.99
Q4 2019 27.25 15.59
Q2 2020 27.77 15.62
Q4 2020 16.95 19.70

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.29 0.18 10.08 11.03
H2 2018 0.37 0.25 9.97 11.03
H1 2019 0.35 0.24 9.84 11.06
H2 2019 0.37 0.25 9.73 11.17
H1 2020 0.35 0.23 9.59 11.18
H2 2020 0.36 0.75 9.98 11.71


Financial Ratios
Current
Number of Units (Million) 186.51
Net Income/Unit ( Riyal) 0.91
Funds from operations/Unit ( Riyal) 0.56
P/E (X) (TTM) 11.98
Current Price/FFO (X) 19.68
Par Value ( Riyal) 10.00
Price/book 1.15
Asset Growth (%) 5.5
Revenue Growth (%) 11.0
Net Income Growth (%) 250.2
Adjusted P/E (Last12) (X) 13.26
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Share Price

Jadwa REIT Saudi Fund
10.94
0.60 5.80 %

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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