Bonyan REIT posts FFO of SAR 126.7 mln, net profit of SAR 97.6 mln in 2022
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Bonyan REIT Fund recorded a 49% leap in 2022 net profit to SAR 97.6 million (SAR 0.6 per unit), from SAR 65.4 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 219.48 | 246.68 | 12.4 % |
| Funds from Operations(FFO) | 112.34 | 126.67 | 12.8 % |
| Net Income | 65.40 | 97.58 | 49.2 % |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.69 | 0.78 | 12.8 % |
| EPS (Riyals) | 0.40 | 0.60 | 49.2 % |
Funds from operations (FFO) jumped 13% to SAR 126.7 million in the 12-month period, from SAR 112.3 million in 2021.
The fund recorded a 17% rise year-on-year (YoY) in rental income.
in other expenses to SAR 19.11 million, from SAR 2.04 million in 2021.
It reported an impairment reversal on investment properties of SAR 19.3 million in 2022, compared to a provision of -SAR 53,000 a year earlier. Other non-operating income also increased during 2022.
On the other hand, finance cost rose 84% YoY. Bonyan REIT also recorded an increase in other operating expenses, depreciation of investment properties and Zakat provisions.
Net asset value (NAV) stood at SAR 1.38 billion by the end of 2022. Net book value per unit reached SAR 8.48.
Interim Comparasion (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Rental Income | 112.31 | 125.21 | 11.5 % |
| Funds from Operations(FFO) | 53.57 | 59.14 | 10.4 % |
| Net Income | 39.18 | 26.99 | (31.1 %) |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.33 | 0.36 | 10.4 % |
| EPS (Riyals) | 0.24 | 0.17 | (31.1 %) |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 1,890.78 | 1,908.26 | 0.9 % |
| Total Debt | 381.87 | 385.96 | 1.1 % |
| Net assets attributable to the Unitholders Item | 1,390.85 | 1,380.94 | (0.7 %) |
| Market value of net assets | 1,661.32 | 1,755.91 | 5.7 % |
The market value of assets stood at SAR 1.80 billion as of Dec. 31, 2022, with market value per unit at SAR 11.09.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 121.47 | 13.3 % | 67.53 | 14.9 % | 70.59 | 169.2 % |
| H2 2022 | 125.21 | 11.5 % | 59.14 | 10.4 % | 26.99 | (31.1 %) |
| 2022 | 246.68 | 12.4 % | 126.67 | 12.8 % | 97.58 | 49.2 % |
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 2022 | 1,923.45 | 0.4 % | 389.41 | 1.1 % | 1,407.69 | 0.3 % | 1,753.12 | 8.0 % |
| H2 2022 | 1,908.26 | 0.9 % | 385.96 | 1.1 % | 1,380.94 | (0.7 %) | 1,755.91 | 5.7 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | 13.86 | 12.56 |
| Q4 2022 | 15.29 | 11.78 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.41 | 0.43 | 8.64 | 10.76 |
| H2 2022 | 0.36 | 0.17 | 8.48 | 10.78 |
| Current | |
| Number of Units (Million) | 162.88 |
| Net Income/Unit ( Riyal) | 0.76 |
| Funds from operations/Unit ( Riyal) | 0.83 |
| P/E (X) (TTM) | 12.31 |
| Current Price/FFO (X) | 11.31 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.10 |
| Asset Growth (%) | 8.0 |
| Revenue Growth (%) | 2.0 |
| Net Income Growth (%) | 76.2 |
| Adjusted P/E (Last12) (X) | 12.31 |
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