Bonyan REIT Fund posts SAR 83.5 mln FFO, SAR 45.41 mln net profit in 2020

Bonyan REIT Fund posts SAR 83.5 mln FFO, SAR 45.41 mln net profit in 2020

30/03/2021 Argaam Exclusive

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Bonyan REIT Fund reported a net profit of SAR 45.4 million (SAR 0.28/unit) for 2020, a fall of 49% from SAR 88.5 million a year earlier, Saudi Fransi Capital, fund manager, said in a bourse filing.

 

Funds from operations (FFO) dropped 24% to SAR 83.49 million in 2020 from SAR 110.3 million in 2019.

 

The decline was attributed to an increase of SAR 3.49 million in finance costs, lower revenue and the reversal of real estate investment impairment losses.



Financials (M)

Item 2019 2020 Change‬
Rental Income 212.99 171.49 (19.5 %)
Funds from Operations(FFO) 110.31 83.49 (24.3 %)
Net Income 88.46 45.41 (48.7 %)
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.68 0.51 (24.3 %)
EPS (Riyals) 0.54 0.28 (48.7 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 109.89 103.14 (6.1 %)
Funds from Operations(FFO) 55.10 53.88 (2.2 %)
Net Income 56.13 38.03 (32.2 %)
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.34 0.33 (2.2 %)
EPS (Riyals) 0.34 0.23 (32.2 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,752.49 1,741.81 (0.6 %)
Total Debt - 190.43 -
Net assets attributable to the Unitholders Item 1,449.29 1,429.70 (1.4 %)
Market value of net assets 1,652.71 1,631.37 (1.3 %)

Net asset value (NAV) stood at SAR 1.429 billion, while the NAV per unit reached SAR 8.78 during the year.

 

The market value of assets reached SAR 1.631 billion, with per unit market value stood at SAR 10.02.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 103.10 - 55.21 - 32.33 -
H2 2019 109.89 - 55.10 - 56.13 -
H1 2020 68.35 (33.7 %) 29.62 (46.4 %) 7.39 (77.2 %)
H2 2020 103.14 (6.1 %) 53.88 (2.2 %) 38.03 (32.2 %)
2020 171.49 (19.5 %) 83.49 (24.3 %) 45.41 (48.7 %)

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 - - - - - - - -
H2 2018 - - - - - - - -
H1 2019 1,753.30 - - - 1,453.01 - 1,598.19 -
H2 2019 1,752.49 - - - 1,449.29 - 1,652.71 -
H1 2020 1,749.57 (0.2 %) 149.85 - 1,436.67 (1.1 %) 1,650.19 3.3 %
H2 2020 1,741.81 (0.6 %) 190.43 - 1,429.70 (1.4 %) 1,631.37 (1.3 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
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 - -
Q2 2019 - -
Q4 2019 18.12 14.53
Q2 2020 20.98 15.73
Q4 2020 31.85 17.32

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - - -
H1 2019 0.34 0.20 8.92 9.81
H2 2019 0.34 0.34 8.90 10.15
H1 2020 0.18 0.05 8.82 10.13
H2 2020 0.33 0.23 8.78 10.02


Financial Ratios
Current
Number of Units (Million) 162.88
Net Income/Unit ( Riyal) 0.76
Funds from operations/Unit ( Riyal) 0.83
P/E (X) (TTM) 12.81
Current Price/FFO (X) 11.77
Par Value ( Riyal) 10.00
Price/book 1.15
Asset Growth (%) 8.0
Revenue Growth (%) 2.0
Net Income Growth (%) 76.2
Adjusted P/E (Last12) (X) 12.81
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Share Price

Bonyan REIT Fund
9.78
(0.02) (0.20 %)

Bonyan REIT Fund (BONYAN REIT)

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