Al Rajhi REIT reports SAR 45.6 mln FFO, net loss at SAR 159.3 mln in H1 2021

Al Rajhi REIT reports SAR 45.6 mln FFO, net loss at SAR 159.3 mln in H1 2021

18/08/2021 Argaam Exclusive

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Al Rajhi REIT Fund’s net loss widened to SAR 159.3 million (SAR 0.98/unit) for the first half of 2021, compared to SAR 17.7 million in the year-earlier period, Al Rajhi Capital, the fund manager, said in a bourse statement today, Aug. 18.

 

Funds from operations (FFO) stood at SAR 45.6 million in H1 2021, compared to SAR 54.1 million in the year-earlier period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 84.96 82.33 (3.1 %)
Funds from Operations(FFO) 54.13 45.57 (15.8 %)
Net Income (17.66) (159.26) (801.9 %)
No of shares 161.86 161.86 -
Operating EPS (Riyals) 0.33 0.28 (15.8 %)
EPS (Riyals) (0.11) (0.98) (801.9 %)

Net asset value (NAV) in H1 2021 stood at SAR 1.307 billion, while net book value per unit reached SAR 8.08.

 

The market value of assets stood at SAR 1.333 billion in H1 2021, with market value per unit as fair value at SAR 8.24.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 2,338.00 2,122.45 (9.2 %)
Total Debt 791.25 791.26 0.0 %
Net assets attributable to the Unitholders Item 1,526.79 1,307.00 (14.4 %)
Market value of net assets 1,580.26 1,333.56 (15.6 %)

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 37.24 - 25.87 - 20.37 -
H2 2018 54.60 - 37.27 - 29.28 -
H1 2019 56.29 51.1 % 37.92 46.6 % 30.05 47.5 %
H2 2019 59.64 9.2 % 34.82 (6.6 %) 26.06 (11.0 %)
H1 2020 84.96 50.9 % 54.13 42.8 % (17.66) (158.8 %)
H2 2020 83.90 40.7 % 50.92 46.2 % 30.11 15.5 %
H1 2021 82.33 (3.1 %) 45.57 (15.8 %) (159.26) (801.9 %)

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 1,687.90 - 399.91 - 1,242.38 - 1,146.94 -
H2 2018 1,740.37 - 456.91 - 1,250.41 - 1,232.64 -
H1 2019 1,724.08 2.1 % 456.91 14.3 % 1,242.51 0.0 % 1,242.96 8.4 %
H2 2019 2,386.20 37.1 % 791.25 73.2 % 1,578.44 26.2 % 1,603.66 30.1 %
H1 2020 2,338.00 35.6 % 791.25 73.2 % 1,526.79 22.9 % 1,580.26 27.1 %
H2 2020 2,322.01 (2.7 %) 791.26 0.0 % 1,511.58 (4.2 %) 1,577.51 (1.6 %)
H1 2021 2,122.45 (9.2 %) 791.26 0.0 % 1,307.00 (14.4 %) 1,333.56 (15.6 %)

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 45.30 15.79
Q2 2019 40.42 14.14
Q4 2019 47.45 21.49
Q2 2020 More than 100 15.52
Q4 2020 More than 100 14.94
Q2 2021 NEG 19.93

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.21 0.17 10.17 9.39
H2 2018 0.30 0.24 10.23 10.09
H1 2019 0.31 0.25 10.17 10.17
H2 2019 0.22 0.16 9.75 9.91
H1 2020 0.33 (0.11) 9.43 9.76
H2 2020 0.31 0.19 9.34 9.75
H1 2021 0.28 (0.98) 8.08 8.24


Financial Ratios
Current
Number of Units (Million) 275.61
Net Income/Unit ( Riyal) 0.52
Funds from operations/Unit ( Riyal) 0.55
P/E (X) (TTM) 16.20
Current Price/FFO (X) 15.39
Par Value ( Riyal) 10.00
Price/book 1.05
Asset Growth (%) 0.7
Revenue Growth (%) 45.3
Net Income Growth (%) 185.5
Adjusted P/E (Last12) (X) 16.20
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Share Price

Al Rajhi REIT Fund
8.41
(0.12) (1.41 %)

Al Rajhi REIT Fund (Al RAJHI REIT)

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