Jadwa REIT Saudi makes SAR 27.8 mln FFO, SAR 41.5 mln net profit in H1 2023

14/08/2023 Argaam Exclusive

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Jadwa REIT Saudi Fund reported a net profit of SAR 41.5 million (SAR 0.22 per unit) for H1 2023, a decline of 9% from SAR 45.6 million.

Funds from operations (FFO) reached nearly SAR 27.8 million in H1 2023, down about 54% from SAR 60.4 million in the same period a year ago.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	82.22	67.71	(17.6 %)
Funds from Operations(FFO)	60.38	27.81	(53.9 %)
Net Income	45.63	41.48	(9.1 %)
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.32	0.15	(53.9 %)
EPS (Riyals)	0.24	0.22	(9.1 %)

The profit drop was due to lower rental income from investment properties, coupled with higher loss from financial assets at fair value through profit or loss (FTVPL).

This is in addition to recording SAR 7.6 million provision for expected credit losses, compared with nothing in the year before, alongside an increase in general and administrative expenses.

However, the fund’s cash dividends increased to SAR 40.5 million in the current period, compared to SAR 13.5 million in H1 2023. Besides, the provision for impairment in investment properties contracted to SAR 2.3 million in H1 2023, from SAR 5.3 million a year ago.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	2,440.26	2,215.60	(9.2 %)
Total Debt	599.60	452.85	(24.5 %)
Net assets attributable to the Unitholders Item	1,822.08	1,746.37	(4.2 %)
Market value of net assets	2,078.99	1,999.83	(3.8 %)

Net asset value (NAV) stood at SAR 1.74 billion as of June 30, 2023, while the net book value per unit reached SAR 9.36.

The market value of assets stood at SAR 1.99 billion by the end of H1 2023, with a market value per unit of SAR 10.72.

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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 %)

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 %

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 %)

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 %)

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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2013	-	-
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

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

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

Financial Ratios

	Current
Number of Units (Million)	186.51
Net Income/Unit ( Riyal)	1.07
Funds from operations/Unit ( Riyal)	0.44
P/E (X) (TTM)	10.32
Current Price/FFO (X)	24.93
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)	11.16

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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Jadwa REIT Saudi makes SAR 27.8 mln FFO, SAR 41.5 mln net profit in H1 2023

View other reports

Financials (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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