Bonyan REIT’s FFO up 15% to SAR 67.5 mln, net profit at SAR 70.6 mln in H1 2022

Bonyan REIT’s FFO up 15% to SAR 67.5 mln, net profit at SAR 70.6 mln in H1 2022

25/08/2022 Argaam Exclusive

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Bonyan REIT Fund’s net profit rose to SAR 70.6 million (SAR 0.43 per unit) in the first half of 2022, from SAR 26.2 million a year earlier.

 

Funds from operations (FFO) stood at SAR 67.5 million in the six-month period, up 15% from SAR 58.8 million a year earlier. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 107.17 121.47 13.3 %
Funds from Operations(FFO) 58.78 67.53 14.9 %
Net Income 26.22 70.59 169.2 %
No of shares 162.88 162.88 -
Operating EPS (Riyals) 0.36 0.41 14.9 %
EPS (Riyals) 0.16 0.43 169.2 %

The profit increase was driven by a 16% year-on-year (YoY) rise in rental income. The fund cited a reversal of SAR 26.6 million provision for impairment of real estate investments, compared to SAR 9.6 million provision in H1 2021. This came despite a 63% increase in finance costs. 



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,916.43 1,923.45 0.4 %
Total Debt 385.08 389.41 1.1 %
Net assets attributable to the Unitholders Item 1,403.80 1,407.69 0.3 %
Market value of net assets 1,623.74 1,753.12 8.0 %

Net asset value (NAV) stood at SAR 1.407 billion by the end of H1 2022, while net book value per unit reached SAR 8.64.

 

The market value of assets stood at SAR 1.753 billion as of June 30, 2022, with market value per unit at SAR 10.8.

 

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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 %
H2 2021 112.31 8.9 % 53.57 (0.6 %) 39.18 3.0 %
H1 2022 121.47 13.3 % 67.53 14.9 % 70.59 169.2 %

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 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 %
H1 2022 1,923.45 0.4 % 389.41 1.1 % 1,407.69 0.3 % 1,753.12 8.0 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2022 13.86 12.56

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
H1 2022 0.41 0.43 8.64 10.76


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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