Bonyan REIT posts FFO of SAR 112.3 mln, net profit of SAR 65.4 mln in 2021

Bonyan REIT posts FFO of SAR 112.3 mln, net profit of SAR 65.4 mln in 2021

31/03/2022 Argaam Exclusive

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Bonyan REIT Fund posted a net profit of SAR 65.4 million (SAR 0.40 per unit) in 2021, a rise of 44% from SAR 45.4 million a year earlier.

 

Funds from operations (FFO) reached SAR 112.3 million in 2021, a rise of 35% from SAR 83.5 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 171.49 219.48 28.0 %
Funds from Operations(FFO) 83.49 112.34 34.5 %
Net Income 45.41 65.40 44.0 %
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.51 0.69 34.5 %
EPS (Riyals) 0.28 0.40 44.0 %

The net profit was fueled by higher income from real estate investments.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 103.14 112.31 8.9 %
Funds from Operations(FFO) 53.88 53.57 (0.6 %)
Net Income 38.03 39.18 3.0 %
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.33 0.33 (0.6 %)
EPS (Riyals) 0.23 0.24 3.0 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,741.81 1,890.78 8.6 %
Total Debt 190.43 381.87 100.5 %
Net assets attributable to the Unitholders Item 1,429.70 1,390.85 (2.7 %)
Market value of net assets 1,631.37 1,661.32 1.8 %

Net asset value (NAV) stood at SAR 1.390 billion in 2021, while net book value per unit reached SAR 8.54.

 

The full-year market value of assets stood at SAR 1.657 billion, with market value per unit at SAR 10.18.

 

View more financial results

 


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 %)
H1 2021 107.17 56.8 % 58.78 98.5 % 26.22 255.1 %
H2 2021 112.31 8.9 % 53.57 (0.6 %) 39.18 3.0 %
2021 219.48 28.0 % 112.34 34.5 % 65.40 44.0 %

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 %)
H1 2021 1,916.43 9.5 % 385.08 157.0 % 1,403.80 (2.3 %) 1,623.74 (1.6 %)
H2 2021 1,890.78 8.6 % 381.87 100.5 % 1,390.85 (2.7 %) 1,661.32 1.8 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 24.97 14.24
Q4 2021 24.31 14.15

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
H1 2021 0.36 0.16 8.62 9.97
H2 2021 0.33 0.24 8.54 10.20


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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