Alkhabeer REIT posts SAR 31.1 mln FFO, SAR 17.5 mln net loss in H1 2021

Alkhabeer REIT posts SAR 31.1 mln FFO, SAR 17.5 mln net loss in H1 2021

18/08/2021 Argaam Exclusive

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Alkhabeer REIT Fund reported a net loss of SAR 17.5 mln (SAR -0.17/unit) for H1 2021, versus net profit of SAR 29.5 million a year earlier, Alkhabeer Capital, the fund manager, said in a bourse statement today, Aug. 18, 2021.

 

Funds from operations (FFO) reached SAR 31.1 million during the six-month period, compared to SAR 25.9 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 36.92 54.65 48.0 %
Funds from Operations(FFO) 25.86 31.05 20.1 %
Net Income 29.54 (17.46) (159.1 %)
No of shares 66.44 102.97 55.0 %
Operating EPS (Riyals) 0.39 0.30 (22.5 %)
EPS (Riyals) 0.44 (0.17) (138.1 %)

These losses were driven by higher cost of financing, increased operating expenses, lower operating profit margins in addition to an asset impairment of 30.2 million.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 986.97 1,992.64 101.9 %
Total Debt 364.31 762.37 109.3 %
Net assets attributable to the Unitholders Item 588.00 812.96 38.3 %
Market value of net assets 596.49 864.16 44.9 %

Net asset value (NAV) stood at SAR 812.96 million, while the NAV per unit reached SAR 7.89 during the six-month period.

 

The market value of assets reached SAR 864.16 million, with per unit market value stood at SAR 8.39.

 

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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 %)

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 %

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

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


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) 12.23
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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Share Price

Alkhabeer REIT Fund
5.68
(0.05) (0.87 %)

Alkhabeer REIT Fund (ALKHABEER REIT)

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