Derayah REIT posts SAR 46 mln FFO, SAR 27.3 mln net profit in H1 2021

Derayah REIT posts SAR 46 mln FFO, SAR 27.3 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Derayah REIT Fund posted a net profit of SAR 27.3 million (SAR 0.25/unit) for the first half of 2021, compared to a net profit of SAR 7.6 million a year earlier, according to a bourse filing by Derayah Financial, the fund manager.

 

Funds from operations (FFO) reached SAR 46 million during the six-month period, compared to SAR 37.4 million in the year-earlier period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 56.55 65.13 15.2 %
Funds from Operations(FFO) 37.40 45.99 23.0 %
Net Income 7.55 27.29 261.4 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.35 0.43 23.0 %
EPS (Riyals) 0.07 0.25 261.4 %

The profit rise was attributed to a 15% growth year-on-year (YoY) in the fund’s rental income and impairment in investment properties.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,573.84 1,711.90 8.8 %
Total Debt 589.40 747.98 26.9 %
Net assets attributable to the Unitholders Item 968.76 930.54 (3.9 %)
Market value of net assets 990.80 932.87 (5.8 %)

Net asset value attributable to the unitholders by the end of the period reached SAR 930.54 million, while the asset book value attributable to the unit stood at SAR 8.66.

 

Net asset value (NAV) reached SAR 932.87 million in H1 2021, while the asset value attributable to the unit stood at SAR 8.68.

 

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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 %)
H2 2020 64.84 4.9 % 39.71 (9.1 %) 7.37 243.6 %
H1 2021 65.13 15.2 % 45.99 23.0 % 27.29 261.4 %

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 %)
H2 2020 1,725.48 7.2 % 747.98 29.0 % 944.53 (5.7 %) 961.54 (4.2 %)
H1 2021 1,711.90 8.8 % 747.98 26.9 % 930.54 (3.9 %) 932.87 (5.8 %)

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 24.71 16.04
Q2 2019 24.76 15.14
Q4 2019 More than 100 13.95
Q2 2020 More than 100 12.93
Q4 2020 More than 100 15.61
Q2 2021 41.06 16.61

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
H2 2020 0.37 0.07 8.79 8.94
H1 2021 0.43 0.25 8.66 8.68


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) 11.59
Current Price/FFO (X) 26.63
Par Value ( Riyal) 10.00
Price/book 0.71
Asset Growth (%) (6.72 )
Revenue Growth (%) (5.77 )
Net Income Growth (%) 209.7
Adjusted P/E (Last12) (X) 11.59
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Share Price

Derayah REIT Fund
5.88
(0.02) (0.34 %)

Derayah REIT Fund (DERAYAH REIT)

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