Derayah REIT logs SAR 15M FFO, SAR 12M net profit in H1 2024

11/08/2024 Argaam Exclusive

Derayah REIT Fund turned to a net profit of SAR 12 million (SAR 0.11 per unit) for H1 2024, from a net loss of SAR 2.3 million in the corresponding period of 2023.

 

Funds from operations (FFO) jumped 29% to SAR 15 million in the six-month period, from SAR 11.7 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 49.27 49.54 0.6 %
Funds from Operations(FFO) 11.66 15.01 28.7 %
Net Income (2.26) 12.02 630.6 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.11 0.14 28.7 %
EPS (Riyals) (0.02) 0.11 630.6 %
This was driven by reversing provisions for the impairment in the real estate investments at SAR 8 million, compared to impairment provisions of SAR 2.3 million in a year-earlier period. The fund also cited Zakat provisions of SAR 786,000 for the period, compared to no provisions in the corresponding year, in addition to lower asset management fees and decreased financing fees. This was offset by an increase in credit loss provisions to SAR 3 million, compared to SAR 2.6 million in a year-earlier period.
 
Net asset value (NAV) stood at SAR 887.29 million as of June 30, 2024, while the net book value per unit reached SAR 8.25.
The market value of assets stood at SAR 984.98 million by the end of the six-month period, with a market value per unit of SAR 9.16.


Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 1,637.41 1,527.32 (6.7 %)
Total Debt 747.98 607.98 (18.7 %)
Net assets attributable to the Unitholders Item 852.68 887.30 4.1 %
Market value of net assets 905.35 984.98 8.8 %

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Share Price

Derayah REIT Fund
5.88
(0.02) (0.34 %)

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) 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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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 %)
H2 2023 54.22 (10.9 %) 8.73 (70.5 %) 42.54 114.0 %
H1 2024 49.54 0.6 % 15.01 28.7 % 12.02 630.6 %

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 %
H2 2023 1,513.47 (8.7 %) 607.98 (18.7 %) 884.48 0.3 % 946.74 5.1 %
H1 2024 1,527.32 (6.7 %) 607.98 (18.7 %) 887.30 4.1 % 984.98 8.8 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2023 22.02 43.50
Q2 2024 12.36 28.39

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
H2 2023 0.08 0.40 8.23 8.81
H1 2024 0.14 0.11 8.25 9.16

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