Jadwa REIT Al Haramain posts FFO of SAR 1.4 mln, net loss of SAR 48.5 mln in 2022

30/03/2023 Argaam Exclusive

Jadwa REIT Al Haramain Fund widened its 2022 net loss to SAR 48.5 million (-SAR 0.73/unit), from SAR 9.2 million a year earlier. 

 

Funds from operations (FFO) amounted to SAR 1.4 million in 2022, a drop of 80% from SAR 6.7 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Rental Income 16.00 19.34 20.9 %
Funds from Operations(FFO) 6.69 1.35 (79.9 %)
Net Income (9.16) (48.51) (429.8 %)
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.10 0.02 (79.9 %)
EPS (Riyals) (0.14) (0.73) (429.8 %)

The losses increased due to higher general and administrative expenses as well as a 64% rise year-on-year in the cost of finance.  

 

The fund allocated a SAR 39.8 million provision for impairment of investment properties in the 12-month period, compared to a provision of SAR 4.8 million in 2021. On the other hand, it generated SAR 19.3 million rental income from investment properties.  

 

The fund also recorded an income of SAR 266,000 from financial assets at fair value, against losses of SAR 1.2 million in 2021.  



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 8.00 18.43 130.4 %
Funds from Operations(FFO) 3.31 5.84 76.4 %
Net Income (0.04) 4.86 12881.3 %
No of shares 66.00 66.00 -
Operating EPS (Riyals) 0.05 0.09 76.4 %
EPS (Riyals) 0.00 0.07 12881.3 %

Net asset value (NAV) in 2022 stood at SAR 490.8 million. Net book value per unit reached SAR 7.44.

 

The full-year market value of assets stood at SAR 498 million, with market value per unit at SAR 7.55.

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 793.66 751.78 (5.3 %)
Total Debt 252.11 250.62 (0.6 %)
Net assets attributable to the Unitholders Item 539.26 490.75 (9.0 %)
Market value of net assets 584.18 497.96 (14.8 %)

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Share Price

Jadwa REIT Al Haramain Fund
5.95
(0.02) (0.34 %)

Jadwa REIT Al Haramain Fund (JADWA REIT ALHARAMAIN)

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Financial Ratios
Current
Number of Units (Million) 66.00
Net Income/Unit ( Riyal) 0.40
Funds from operations/Unit ( Riyal) 0.11
P/E (X) (TTM) 14.89
Current Price/FFO (X) 53.11
Par Value ( Riyal) 10.00
Price/book 0.78
Asset Growth (%) (1.88 )
Revenue Growth (%) 6.4
Net Income Growth (%) 1,027.3
Adjusted P/E (Last12) (X) 14.89
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 8.54 - 6.66 - 4.25 -
H2 2017 21.34 - 16.83 - 10.86 -
H1 2018 26.59 211.5 % 17.73 166.5 % 11.82 178.2 %
H2 2018 27.39 28.3 % 17.83 5.9 % 11.79 8.6 %
H1 2019 26.95 1.3 % 14.99 (15.5 %) 9.12 (22.9 %)
H2 2019 25.62 (6.5 %) 17.57 (1.4 %) 9.85 (16.4 %)
H1 2020 8.07 (70.1 %) (1.63) (110.9 %) (68.05) (846.3 %)
H2 2020 - - (0.09) (100.5 %) 0.01 (99.9 %)
H1 2021 8.00 (0.8 %) 3.38 307.2 % (9.12) 86.6 %
H2 2021 8.00 - 3.31 3946.5 % (0.04) (575.0 %)
H1 2022 0.91 (88.6 %) (4.49) (232.9 %) (53.36) (485.3 %)
H2 2022 18.43 130.4 % 5.84 76.4 % 4.86 12881.3 %
2022 19.34 20.9 % 1.35 (79.9 %) (48.51) (429.8 %)

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 2017 656.23 - - - 654.35 - 701.36 -
H2 2017 847.20 - 177.08 - 658.60 - 716.58 -
H1 2018 836.45 27.5 % 177.20 - 653.23 (0.2 %) 717.53 2.3 %
H2 2018 832.91 (1.7 %) 180.84 2.1 % 646.33 (1.9 %) 716.96 0.1 %
H1 2019 828.55 (0.9 %) 181.13 2.2 % 636.96 (2.5 %) 713.60 (0.5 %)
H2 2019 817.51 (1.8 %) 181.42 0.3 % 629.66 (2.6 %) 712.14 (0.7 %)
H1 2020 738.77 (10.8 %) 181.72 0.3 % 548.41 (13.9 %) 630.54 (11.6 %)
H2 2020 789.36 (3.4 %) 232.01 27.9 % 548.41 (12.9 %) 631.45 (11.3 %)
H1 2021 783.37 6.0 % 232.30 27.8 % 539.30 (1.7 %) 568.92 (9.8 %)
H2 2021 793.66 0.5 % 252.11 8.7 % 539.26 (1.7 %) 584.18 (7.5 %)
H1 2022 743.92 (5.0 %) 252.77 8.8 % 485.90 (9.9 %) 485.90 (14.6 %)
H2 2022 751.78 (5.3 %) 250.62 (0.6 %) 490.75 (9.0 %) 497.96 (14.8 %)

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 44.92 28.89
Q2 2018 24.77 16.25
Q4 2018 20.97 13.92
Q2 2019 25.29 16.11
Q4 2019 28.46 16.58
Q2 2020 NEG 25.51
Q4 2020 NEG NEG
Q2 2021 NEG More than 100
Q4 2021 NEG More than 100
Q2 2022 NEG NEG
Q4 2022 NEG More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 0.10 0.06 9.91 10.63
H2 2017 0.25 0.16 9.98 10.86
H1 2018 0.27 0.18 9.90 10.87
H2 2018 0.27 0.18 9.79 10.86
H1 2019 0.23 0.14 9.65 10.81
H2 2019 0.27 0.15 9.54 10.79
H1 2020 (0.02) (1.03) 8.31 9.55
H2 2020 0.00 0.00 8.31 9.57
H1 2021 0.05 (0.14) 8.17 8.62
H2 2021 0.05 0.00 8.17 8.85
H1 2022 (0.07) (0.81) 7.36 7.36
H2 2022 0.09 0.07 7.44 7.54

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