Alkhabeer REIT posts FFO of SAR 47.3 mln, net loss of SAR 33.8 mln in 2021

Alkhabeer REIT posts FFO of SAR 47.3 mln, net loss of SAR 33.8 mln in 2021

31/03/2022 Argaam Exclusive

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Alkhabeer REIT Fund incurred a net loss of SAR 33.8 million in 2021, against a net profit of SAR 1.1 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 47.3 million in 2021, a rise of 78.4% from SAR 26.5 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 88.23 117.78 33.5 %
Funds from Operations(FFO) 26.49 47.25 78.4 %
Net Income 1.13 (33.83) (3093.9 %)
No of shares 102.97 141.01 36.9 %
Operating EPS (Riyals) 0.26 0.34 30.3 %
EPS (Riyals) 0.01 (0.24) (2286.3 %)

The losses came due to a SAR 41 million impairment of real estate investments in 2021, despite a 33.5% year-on-year (YoY) in leasing revenue.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 51.32 63.13 23.0 %
Funds from Operations(FFO) 0.63 16.20 2483.7 %
Net Income (28.41) (16.37) 42.4 %
No of shares 102.97 141.01 36.9 %
Operating EPS (Riyals) 0.01 0.11 1786.8 %
EPS (Riyals) (0.28) (0.12) 57.9 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,678.20 1,933.64 15.2 %
Total Debt 763.16 753.88 (1.2 %)
Net assets attributable to the Unitholders Item 856.15 1,096.83 28.1 %
Market value of net assets 896.80 1,177.20 31.3 %

Net asset value (NAV) stood at SAR 1.096 billion in 2021, while net book value per unit reached SAR 7.78.

 

The full-year market value of assets stood at SAR 1.177 billion, with market value per unit at SAR 8.35.

 

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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) -
H1 2020 36.92 27.1 % 25.86 537.2 % 29.54 237.6 %
H2 2020 51.32 18.9 % 0.63 (97.9 %) (28.41) 33.8 %
H1 2021 54.65 48.0 % 31.05 20.1 % (17.46) (159.1 %)
H2 2021 63.13 23.0 % 16.20 2483.7 % (16.37) 42.4 %
2021 117.78 33.5 % 47.25 78.4 % (33.83) (3093.9 %)

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 -
H1 2020 986.97 (0.9 %) 364.31 5.0 % 588.00 (8.5 %) 596.49 (12.4 %)
H2 2020 1,678.20 75.5 % 763.16 109.2 % 856.15 49.7 % 896.80 49.4 %
H1 2021 1,992.64 101.9 % 762.37 109.3 % 812.96 38.3 % 864.16 44.9 %
H2 2021 1,933.64 15.2 % 753.88 (1.2 %) 1,096.83 28.1 % 1,177.20 31.3 %

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 NEG 30.41
Q2 2020 NEG 9.81
Q4 2020 More than 100 36.50
Q2 2021 NEG 31.59
Q4 2021 NEG 25.87

Unit Data (Riyal)

Compared With The
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
H1 2020 0.39 0.44 8.85 8.98
H2 2020 0.01 (0.28) 8.31 8.71
H1 2021 0.30 (0.17) 7.89 8.39
H2 2021 0.11 (0.12) 7.78 8.35


Financial Ratios
Current
Number of Units (Million) 141.01
Net Income/Unit ( Riyal) 0.46
Funds from operations/Unit ( Riyal) 0.45
P/E (X) (TTM) 12.18
Current Price/FFO (X) 12.58
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) 18.44
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Share Price

Alkhabeer REIT Fund
5.66
0.01 0.18 %

Alkhabeer REIT Fund (ALKHABEER REIT)

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