Jadwa REIT Saudi posts FFO of SAR 106.9 mln, net profit of SAR 27.9 mln in 2021

Jadwa REIT Saudi posts FFO of SAR 106.9 mln, net profit of SAR 27.9 mln in 2021

31/03/2022 Argaam Exclusive

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Jadwa REIT Saudi Fund posted a net profit of SAR 27.9 million (SAR 0.15 per unit) in 2021, a decline of 5% from SAR 154 million a year earlier.

 

Funds from operations (FFO) reached SAR 106.9 million in 2021, a drop of 5% from SAR 112.3 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 136.63 145.20 6.3 %
Funds from Operations(FFO) 112.29 106.91 (4.8 %)
Net Income 154.09 27.85 (81.9 %)
No of shares 158.00 186.51 18.0 %
Operating EPS (Riyals) 0.71 0.57 (19.3 %)
EPS (Riyals) 0.98 0.15 (84.7 %)


Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 69.99 73.97 5.7 %
Funds from Operations(FFO) 57.38 53.47 (6.8 %)
Net Income 118.42 0.81 (99.3 %)
No of shares 158.00 186.51 18.0 %
Operating EPS (Riyals) 0.36 0.29 (21.1 %)
EPS (Riyals) 0.75 0.00 (99.4 %)

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 2,161.63 2,462.55 13.9 %
Total Debt 573.12 599.99 4.7 %
Net assets attributable to the Unitholders Item 1,576.45 1,851.06 17.4 %
Market value of net assets 1,850.01 2,093.10 13.1 %

The profit decline was attributed to higher operating expenses and finance charges. The fund reported SAR 12 million unrealized losses from financial assets at fair value in 2021, compared to a profit of SAR 80 million in 2020.

Net asset value (NAV) stood at SAR 1.851 billion in 2021, while net book value per unit reached SAR 9.92.

 

The full-year market value of assets stood at SAR 2.093 billion, with market value per unit at SAR 11.22.

 

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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 %
H1 2021 71.23 6.9 % 53.44 (2.7 %) 27.04 (24.2 %)
H2 2021 73.97 5.7 % 53.47 (6.8 %) 0.81 (99.3 %)
2021 145.20 6.3 % 106.91 (4.8 %) 27.85 (81.9 %)

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 %
H1 2021 2,186.50 32.1 % 603.12 389.9 % 1,543.45 1.9 % 1,761.11 (0.3 %)
H2 2021 2,462.55 13.9 % 599.99 4.7 % 1,851.06 17.4 % 2,093.10 13.1 %

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 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
Q2 2021 20.18 22.44
Q4 2021 More than 100 26.13

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
H1 2021 0.34 0.17 9.77 11.15
H2 2021 0.29 0.00 9.92 11.22


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) 11.30
Current Price/FFO (X) 18.57
Par Value ( Riyal) 10.00
Price/book 1.09
Asset Growth (%) 5.5
Revenue Growth (%) 11.0
Net Income Growth (%) 250.2
Adjusted P/E (Last12) (X) 12.51
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Share Price

Jadwa REIT Saudi Fund
10.32
(0.02) (0.19 %)

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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