Bonyan REIT posts SAR 58.8 mln FFO, SAR 26.2 mln net profit in H1 2021

Bonyan REIT posts SAR 58.8 mln FFO, SAR 26.2 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Bonyan REIT Fund reported a net profit of SAR 26.2 million (SAR 0.16/unit) for the first half of 2021, compared to SAR 7.4 million a year earlier, Saudi Fransi Capital, the fund manager, said in a bourse statement.

 

Funds from operations (FFO) reached SAR 58.8 million during the six-month period compared to SAR 29.6 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 68.35 107.17 56.8 %
Funds from Operations(FFO) 29.62 58.78 98.5 %
Net Income 7.39 26.22 255.1 %
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.18 0.36 98.5 %
EPS (Riyals) 0.05 0.16 255.1 %

The profit increase was driven by an 88% rise in rental income and lower depreciation expenses for real estate investments.

 

This came despite high financing costs and other expenses, and recording expenses of SAR 9.6 million for a decline in value of real estate investments.

 

Net asset value (NAV) stood at SAR 1.403 billion, while the NAV per unit reached SAR 8.62 during the six-month period.

 

The market value of assets reached SAR 1.623 billion, with per unit market value stood at SAR 9.97.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,749.57 1,916.43 9.5 %
Total Debt 149.85 385.08 157.0 %
Net assets attributable to the Unitholders Item 1,436.67 1,403.80 (2.3 %)
Market value of net assets 1,650.19 1,623.74 (1.6 %)

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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 %

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 %)

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

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


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) 12.18
Current Price/FFO (X) 11.19
Par Value ( Riyal) 10.00
Price/book 1.09
Asset Growth (%) 8.0
Revenue Growth (%) 2.0
Net Income Growth (%) 76.2
Adjusted P/E (Last12) (X) 12.18
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Share Price

Bonyan REIT Fund
9.30
(0.06) (0.64 %)

Bonyan REIT Fund (BONYAN REIT)

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