Jadwa REIT Saudi logs 75% higher FFO at SAR 48.6M in H1 2024; net profit dips to SAR 11.5M

Jadwa REIT Saudi logs 75% higher FFO at SAR 48.6M in H1 2024; net profit dips to SAR 11.5M

11/08/2024 Argaam Exclusive

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Jadwa REIT Saudi Fund reported a net profit of SAR 11.5 million (SAR 0.06 per unit) for H1 2024, a decline of 72% from SAR 41.5 million.

 

Funds from operations (FFO) reached nearly SAR 48.6 million in H1 2024, a rise of about 75% from SAR 27.8 million in the same period a year ago.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 67.71 86.17 27.3 %
Funds from Operations(FFO) 27.81 48.59 74.7 %
Net Income 41.48 11.50 (72.3 %)
No of shares 186.51 186.51 -
Operating EPS (Riyals) 0.15 0.26 74.7 %
EPS (Riyals) 0.22 0.06 (72.3 %)

The profit decline was attributed to a 91% fall in dividend distributions to SAR 3.8 million, coupled with a rise in impairment losses for investment properties and a rise in net loss from financial assets at fair value.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 2,215.60 2,338.24 5.5 %
Total Debt 452.85 542.50 19.8 %
Net assets attributable to the Unitholders Item 1,746.37 1,767.46 1.2 %
Market value of net assets 1,999.83 2,203.93 10.2 %

Net asset value (NAV) stood at SAR 1.76 billion as of June 30, 2024, while the net book value per unit reached SAR 9.48.

 

The market value of assets stood at SAR 2.2 billion by the end of H1 2023, with a market value per unit of SAR 11.82.

 

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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 %)
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 %
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 %
H1 2024 86.17 27.3 % 48.59 74.7 % 11.50 (72.3 %)

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 %
H1 2024 2,338.24 5.5 % 542.50 19.8 % 1,767.46 1.2 % 2,203.93 10.2 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2024 12.31 20.22

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
H1 2024 0.26 0.06 9.48 11.82


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
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Share Price

Jadwa REIT Saudi Fund
10.34
(0.12) (1.15 %)

Jadwa REIT Saudi Fund (JADWA REIT SAUDI)

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