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Alkhabeer REIT posts SAR 26.5 mln FFO, SAR 1.1 mln net profit in 2020
30/03/2021
Argaam Exclusive
Alkhabeer REIT Fund swung to a net profit of SAR 1.1 million (SAR 0.01/unit) for 2020, from a net loss of SAR 64.4 million a year earlier.
Funds from operations (FFO) rose 11.2% to SAR 26.5 million in 2020 from SAR 23.8 million in 2019.
The full-year financials were driven by a 22% increase year-on-year (YoY) in rental income. The fund reported a reversal of real estate investments impairment provision of SAR 1.9 million in 2020, compared to an impairment provision of SAR 67.2 million a year earlier.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 72.18 | 88.23 | 22.2 % |
| Funds from Operations(FFO) | 23.82 | 26.49 | 11.2 % |
| Net Income | (64.37) | 1.13 | 101.8 % |
| No of shares | 66.44 | 102.97 | 55.0 % |
| Operating EPS (Riyals) | 0.36 | 0.26 | (28.2 %) |
| EPS (Riyals) | (0.97) | 0.01 | 101.1 % |
Interim Comparasion (M)
| Item | H2 2019 | H2 2020 | Change |
|---|---|---|---|
| Rental Income | 43.15 | 51.32 | 18.9 % |
| Funds from Operations(FFO) | 29.74 | 0.63 | (97.9 %) |
| Net Income | (42.90) | (28.41) | 33.8 % |
| No of shares | 66.44 | 102.97 | 55.0 % |
| Operating EPS (Riyals) | 0.45 | 0.01 | (98.6 %) |
| EPS (Riyals) | (0.65) | (0.28) | 57.3 % |
Balance Sheet (Million)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 956.10 | 1,678.20 | 75.5 % |
| Total Debt | 364.83 | 763.16 | 109.2 % |
| Net assets attributable to the Unitholders Item | 571.75 | 856.15 | 49.7 % |
| Market value of net assets | 600.36 | 896.80 | 49.4 % |
Net asset value (NAV) stood at SAR 856.2 million, while the NAV per unit reached SAR 8.3 during the year.
The market value of assets reached SAR 896.8 million, with per unit market value stood at SAR 8.7.
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Share Price
Alkhabeer REIT Fund (ALKHABEER REIT)
| Current | |
| Number of Units (Million) | 141.01 |
| Net Income/Unit ( Riyal) | 0.46 |
| Funds from operations/Unit ( Riyal) | 0.45 |
| P/E (X) (TTM) | 12.85 |
| Current Price/FFO (X) | 13.27 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.79 |
| Asset Growth (%) | (0.74 ) |
| Revenue Growth (%) | 6.1 |
| Net Income Growth (%) | 183.1 |
| Adjusted P/E (Last12) (X) | 19.45 |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 36.92 | 27.1 % | 25.86 | 537.2 % | 29.54 | 237.6 % |
| H2 2020 | 51.32 | 18.9 % | 0.63 | (97.9 %) | (28.41) | 33.8 % |
| 2020 | 88.23 | 22.2 % | 26.49 | 11.2 % | 1.13 | 101.8 % |
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 2020 | 986.97 | (0.9 %) | 364.31 | 5.0 % | 588.00 | (8.5 %) | 596.49 | (12.4 %) |
| H2 2020 | 1,678.20 | 75.5 % | 763.16 | 109.2 % | 856.15 | 49.7 % | 896.80 | 49.4 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | NEG | 9.81 |
| Q4 2020 | More than 100 | 36.50 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.39 | 0.44 | 8.85 | 8.98 |
| H2 2020 | 0.01 | (0.28) | 8.31 | 8.71 |
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