Jadwa REIT Saudi posts FFO of SAR 84.6 mln, net profit of SAR 77.6 mln in 2022
View other reports
Jadwa REIT Saudi Fund recorded a net profit of SAR 77.6 million (SAR 0.42 per unit) for 2022, compared to SAR 28 million a year earlier.
Funds from operations (FFO) came in at SAR 84.6 million in the 12-month period, down from SAR 106.9 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 145.20 | 158.45 | 9.1 % |
| Funds from Operations(FFO) | 106.91 | 74.84 | (30.0 %) |
| Net Income | 27.85 | 52.77 | 89.5 % |
| No of shares | 186.51 | 186.51 | - |
| Operating EPS (Riyals) | 0.57 | 0.40 | (30.0 %) |
| EPS (Riyals) | 0.15 | 0.28 | 89.5 % |
The fund reported rental income and gains from disposal of investment real estate of SAR 24.9 million in the current period.
It also recorded unrealized gains from financial assets at fair value through profit or loss at SAR 11.7 million for 2022, against SAR 12 million unrealized losses from financial assets at fair value through profit or loss.
Interim Comparasion (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 73.97 | 76.24 | 3.1 % |
| Funds from Operations(FFO) | 53.47 | 14.46 | (73.0 %) |
| Net Income | 0.81 | 7.14 | 780.6 % |
| No of shares | 186.51 | 186.51 | - |
| Operating EPS (Riyals) | 0.29 | 0.08 | (73.0 %) |
| EPS (Riyals) | 0.00 | 0.04 | 780.6 % |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 2,462.55 | 2,293.69 | (6.9 %) |
| Total Debt | 599.99 | 451.24 | (24.8 %) |
| Net assets attributable to the Unitholders Item | 1,851.06 | 1,779.49 | (3.9 %) |
| Market value of net assets | 2,093.10 | 2,018.54 | (3.6 %) |
On the other hand, the fund reported a rise in general and administrative expenses, as well as management fees.
Net asset value (NAV) stood at SAR 1.77 billion by the end of 2022, while net book value per unit reached SAR 9.54.
The market value of assets stood at SAR 2.01 billion as of Dec. 31, 2022, with market value per unit at SAR 10.82.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 82.22 | 15.4 % | 60.38 | 13.0 % | 45.63 | 68.8 % |
| H2 2022 | 76.24 | 3.1 % | 14.46 | (73.0 %) | 7.14 | 780.6 % |
| 2022 | 158.45 | 9.1 % | 74.84 | (30.0 %) | 52.77 | 89.5 % |
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 2022 | 2,440.26 | 11.6 % | 599.60 | (0.6 %) | 1,822.08 | 18.1 % | 2,078.99 | 18.1 % |
| H2 2022 | 2,293.69 | (6.9 %) | 451.24 | (24.8 %) | 1,779.49 | (3.9 %) | 2,018.54 | (3.6 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | 46.99 | 19.17 |
| Q4 2022 | 45.59 | 32.15 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.32 | 0.24 | 9.77 | 11.15 |
| H2 2022 | 0.08 | 0.04 | 9.54 | 10.82 |
| Current | |
| Number of Units (Million) | 186.51 |
| Net Income/Unit ( Riyal) | 1.07 |
| Funds from operations/Unit ( Riyal) | 0.44 |
| P/E (X) (TTM) | 10.34 |
| Current Price/FFO (X) | 24.98 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.13 |
| Asset Growth (%) | (9.74 ) |
| Revenue Growth (%) | (10.85 ) |
| Net Income Growth (%) | 279.5 |
| Adjusted P/E (Last12) (X) | 11.18 |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}