Alkhabeer REIT incurs net loss of SAR 64 mln in 2019
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Alkhabeer REIT Fund incurred net losses of SAR 64 million (SAR 0.97 per unit) in 2019.
Funds from operations (FFO) stood at SAR 23.8 million in the same period.
Financials (M)
| Item | 2018 | 2019 | Change |
|---|
The losses were attributed to SAR 67.27 million impairment of investment properties by the end of 2019.
Interim Comparasion (M)
| Item | H2 2018 | H2 2019 | Change |
|---|
Balance Sheet (Million)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Total Assets | - | 956.10 | - |
| Total Debt | - | 364.83 | - |
| Net assets attributable to the Unitholders Item | - | 571.75 | - |
| Market value of net assets | - | 600.36 | - |
In H2 2019, the fund widened net losses to SAR 42.9 million, from SAR 21.5 million in H1 2019, as impairments of investment properties increased to SAR 61 million in H2 2019 despite a rise in rental income to SAR 43.2 million, from SAR 29 million in H1 2019.
FFO reached SAR 29.7 million, compared to losses of SAR 5.9 million in H1 2019.
Net asset value (NAV) hit SAR 571.75 million by the end of 2019, while net book value per unit reached SAR 8.61.
Moreover, Alkhabeer Capital, the fund manager, recommended reducing the value of an asset, which is partially leased, from SAR 298.66 million to SAR 240.70 million.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2019 | 29.03 | - | (5.92) | - | (21.47) | - |
| H2 2019 | 43.15 | - | 29.74 | - | (42.90) | - |
| 2019 | 72.18 | - | 23.82 | - | (64.37) | - |
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 2019 | 995.99 | - | 346.92 | - | 642.95 | - | 680.62 | - |
| H2 2019 | 956.10 | - | 364.83 | - | 571.75 | - | 600.36 | - |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2019 | - | - |
| Q4 2019 | NEG | 30.41 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2019 | (0.09) | (0.32) | 9.68 | 10.24 |
| H2 2019 | 0.45 | (0.65) | 8.61 | 9.04 |
| Current | |
| Number of Units (Million) | 141.01 |
| Net Income/Unit ( Riyal) | 0.46 |
| Funds from operations/Unit ( Riyal) | 0.45 |
| P/E (X) (TTM) | 12.23 |
| Current Price/FFO (X) | 12.63 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.75 |
| Asset Growth (%) | (0.74 ) |
| Revenue Growth (%) | 6.1 |
| Net Income Growth (%) | 183.1 |
| Adjusted P/E (Last12) (X) | 18.51 |
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