Derayah REIT posts SAR 11.7 mln FFO, SAR 2.3 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

Derayah REIT Fund reported a net loss of SAR 2.3 million (SAR -0.02 per unit) for the first half of 2023, against a profit of SAR 27.3 million (SAR 0.25 per unit) a year earlier, Derayah Financial, the fund manager, said in a statement to Tadawul. 

 

Funds from operations (FFO) reached SAR 11.7 million during the six-month period, down 69% from SAR 37.8 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 62.29 49.27 (20.9 %)
Funds from Operations(FFO) 37.76 11.66 (69.1 %)
Net Income 27.31 (2.26) (108.3 %)
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.35 0.11 (69.1 %)
EPS (Riyals) 0.25 (0.02) (108.3 %)

The losses were attributed to lower rental revenue, higher financing costs and recording a provision for impairment in real estate investment. 



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,688.66 1,637.41 (3.0 %)
Total Debt 747.98 747.98 -
Net assets attributable to the Unitholders Item 898.71 852.68 (5.1 %)
Market value of net assets 898.91 905.35 0.7 %

Net asset value (NAV) stood at SAR 852.68 million by the end of H1 2023, while net book value per unit reached SAR 7.93. 

 

The market value of assets stood at SAR 905.35 million as of June 30, 2023, with a net market value per unit of SAR 8.42. 

On July 31, the fund announced completing the sale of AlSharq Warehouses Complex in Riyadh for SAR 158 million and expects the related financial impact to reflect on the fund's results in H2 2023, according to data available with Argaam. 

 

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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 %)
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 %
H2 2021 65.08 0.4 % 23.14 (41.7 %) 18.27 147.8 %
H1 2022 62.29 (4.4 %) 37.76 (17.9 %) 27.31 0.0 %
H2 2022 60.84 (6.5 %) 29.60 27.9 % 19.88 8.8 %
H1 2023 49.27 (20.9 %) 11.66 (69.1 %) (2.26) (108.3 %)

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 %)
H2 2021 1,694.72 (1.8 %) 747.98 0.0 % 910.11 (3.6 %) 910.75 (5.3 %)
H1 2022 1,688.66 (1.4 %) 747.98 0.0 % 898.71 (3.4 %) 898.91 (3.6 %)
H2 2022 1,658.43 (2.1 %) 747.98 0.0 % 882.04 (3.1 %) 900.50 (1.1 %)
H1 2023 1,637.41 (3.0 %) 747.98 0.0 % 852.68 (5.1 %) 905.35 0.7 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2021 29.97 19.75
Q2 2022 25.81 19.31
Q4 2022 23.06 16.15
Q2 2023 More than 100 25.09

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
H2 2021 0.22 0.17 8.47 8.47
H1 2022 0.35 0.25 8.36 8.36
H2 2022 0.28 0.18 8.20 8.38
H1 2023 0.11 (0.02) 7.93 8.42

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