Derayah REIT posts SAR 34.8 mln FFO, SAR 7.6 mln net profit in H1 2020

25/08/2020 Argaam Exclusive

Derayah REIT Fund posted a net profit of SAR 7.6 million (SAR 0.07/unit) for the first half of 2020, a 70% decline year-on-year (YoY), compared to SAR 25.4 million for the same period last year, according to a bourse filing by Derayah Financial, the fund manager, on Tuesday.

 

Funds from operations (FFO) reached SAR 34.8 million during the six-month period, compared to SAR 37.2 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 59.36 56.55 (4.7 %)
Funds from Operations(FFO) 37.23 37.40 0.5 %
Net Income 25.35 7.55 (70.2 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.35 0.35 0.5 %
EPS (Riyals) 0.24 0.07 (70.2 %)

The decline is driven by a 5% decrease in rental income and SAR 17.5 million provisions for decline in the value of real estate investments, despite low finance cost and lower other expenses.

 

Net asset value (NAV) stood at SAR 968.8 million, while the NAV per unit reached SAR 9.01 as of June 30, 2020.

 

The market value of assets reached SAR 990.8 million in H1 2020, while the per unit market value stood at SAR 9.22.

 

The number of issued units totaled 107 million, with a yield of 3.74%.

 

Total expenses and fees for the period stood at SAR 21.7 million.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,554.56 1,573.84 1.2 %
Total Debt 474.41 589.40 24.2 %
Net assets attributable to the Unitholders Item 1,046.76 968.76 (7.5 %)
Market value of net assets 1,041.87 990.80 (4.9 %)

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Share Price

Derayah REIT Fund
6.18
(0.02) (0.32 %)

Derayah REIT Fund (DERAYAH REIT)

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Financial Ratios
Current
Number of Units (Million) 107.51
Net Income/Unit ( Riyal) 0.51
Funds from operations/Unit ( Riyal) 0.22
P/E (X) (TTM) 12.18
Current Price/FFO (X) 27.99
Par Value ( Riyal) 10.00
Price/book 0.75
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 12.18
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 36.95 - 27.56 - 21.56 -
H2 2018 46.98 - 28.59 - 14.91 -
H1 2019 59.36 60.7 % 37.23 35.1 % 25.35 17.6 %
H2 2019 61.83 31.6 % 43.69 52.8 % (5.13) (134.4 %)
H1 2020 56.55 (4.7 %) 37.40 0.5 % 7.55 (70.2 %)

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 1,206.20 - 96.94 - 1,085.63 - 1,112.55 -
H2 2018 1,571.75 - 470.13 - 1,061.62 - 1,070.60 -
H1 2019 1,554.56 28.9 % 474.41 389.4 % 1,046.76 (3.6 %) 1,041.87 (6.4 %)
H2 2019 1,609.36 2.4 % 579.98 23.4 % 1,001.42 (5.7 %) 1,003.34 (6.3 %)
H1 2020 1,573.84 1.2 % 589.40 24.2 % 968.76 (7.5 %) 990.80 (4.9 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
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 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.26 0.20 10.10 10.35
H2 2018 0.27 0.14 9.87 9.96
H1 2019 0.35 0.24 9.74 9.69
H2 2019 0.41 (0.05) 9.31 9.33
H1 2020 0.35 0.07 9.01 9.22

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