Jadwa REIT Saudi earns SAR 82.9M FFO in 2023; net profit at SAR 200.3M

31/03/2024 Argaam Exclusive

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Jadwa REIT Saudi Fund reported a net profit of SAR 200.3 million (SAR 1.07 per unit) for 2023, compared to a net profit of SAR 77.6 million in 2022.

Funds from operations (FFO) declined to nearly SAR 82.9 million in 2023, compared to SAR 99.7 million in the same period a year ago.

Financials (M)

Item	2022	2023	Change‬
Rental Income	158.45	141.25	(10.9 %)
Funds from Operations(FFO)	74.84	82.89	10.8 %
Net Income	52.77	200.27	279.5 %
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.40	0.44	10.8 %
EPS (Riyals)	0.28	1.07	279.5 %

This was spurred by higher gains from investments in associates to SAR 54 million and increased realized gains from fair value assets, in addition to firmer revenue from financing.

This was despite recording lower revenues of SAR 141.25 million for 2023 versus SAR 158.4 million in 2022, along with soaring financing costs for the year.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	76.24	73.55	(3.5 %)
Funds from Operations(FFO)	14.46	55.08	280.9 %
Net Income	7.14	158.79	2123.6 %
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.08	0.30	280.9 %
EPS (Riyals)	0.04	0.85	2123.6 %

Item	H1 2023	H2 2023	Change‬
Rental Income	67.71	73.55	8.6 %
Funds from Operations(FFO)	27.81	55.08	98.0 %
Net Income	41.48	158.79	282.8 %
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.15	0.30	98.0 %
EPS (Riyals)	0.22	0.85	282.8 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	2,293.69	2,070.24	(9.7 %)
Total Debt	451.24	202.12	(55.2 %)
Net assets attributable to the Unitholders Item	1,779.49	1,830.56	2.9 %
Market value of net assets	2,018.54	2,118.98	5.0 %

Net asset value (NAV) stood at SAR 1.83 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 9.81.

The market value of assets stood at SAR 2.11 billion by the end of 2023, with a market value per unit of SAR 11.36.

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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	-
2018	117.56	-	103.31	-	67.49	-
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 %)
2019	133.73	13.8 %	113.52	9.9 %	76.65	13.6 %
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 %
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 %)
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 %
H1 2023	67.71	(17.6 %)	27.81	(53.9 %)	41.48	(9.1 %)
H2 2023	73.55	(3.5 %)	55.08	280.9 %	158.79	2123.6 %
2023	141.25	(10.9 %)	82.89	10.8 %	200.27	279.5 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	117.56	-	103.31	-	67.49	-
2019	133.73	13.8 %	113.52	9.9 %	76.65	13.6 %
2020	136.63	2.2 %	112.29	(1.1 %)	154.09	101.0 %
2021	145.20	6.3 %	106.91	(4.8 %)	27.85	(81.9 %)
2022	158.45	9.1 %	74.84	(30.0 %)	52.77	89.5 %
2023	141.25	(10.9 %)	82.89	10.8 %	200.27	279.5 %

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 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 %
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 %)
H1 2023	2,215.60	(9.2 %)	452.85	(24.5 %)	1,746.37	(4.2 %)	1,999.83	(3.8 %)
H2 2023	2,070.24	(9.7 %)	202.12	(55.2 %)	1,830.56	2.9 %	2,118.98	5.0 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,581.78	-	-	-	1,574.81	-	1,743.21	-
2019	1,680.99	6.3 %	127.77	-	1,537.70	(2.4 %)	1,765.57	1.3 %
2020	2,161.63	28.6 %	573.12	348.5 %	1,576.45	2.5 %	1,850.01	4.8 %
2021	2,462.55	13.9 %	599.99	4.7 %	1,851.06	17.4 %	2,093.10	13.1 %
2022	2,293.69	(6.9 %)	451.24	(24.8 %)	1,779.49	(3.9 %)	2,018.54	(3.6 %)
2023	2,070.24	(9.7 %)	202.12	(55.2 %)	1,830.56	2.9 %	2,118.98	5.0 %

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q2 2022	46.99	19.17
Q4 2022	45.59	32.15
Q2 2023	More than 100	More than 100
Q4 2023	12.48	30.15

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	24.04	13.31
2019	27.25	15.59
2020	16.95	19.70
2021	More than 100	26.13
2022	45.59	32.15
2023	12.48	30.15

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
H1 2022	0.32	0.24	9.77	11.15
H2 2022	0.08	0.04	9.54	10.82
H1 2023	0.15	0.22	9.36	10.72
H2 2023	0.30	0.85	9.81	11.36

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.65	0.43	9.97	11.03
2019	0.72	0.49	9.73	11.17
2020	0.71	0.98	9.98	11.71
2021	0.57	0.15	9.92	11.22
2022	0.40	0.28	9.54	10.82
2023	0.44	1.07	9.81	11.36

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)	11.32
Current Price/FFO (X)	18.60
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)	12.53

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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Jadwa REIT Saudi earns SAR 82.9M FFO in 2023; net profit at SAR 200.3M

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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Jadwa REIT Saudi earns SAR 82.9M FFO in 2023; net profit at SAR 200.3M

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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