Financial Results : Al Rajhi REIT posts SAR 80.1 mln FFO, SAR 175.1 mln loss in 2021

Al Rajhi REIT posts SAR 80.1 mln FFO, SAR 175.1 mln loss in 2021

31/03/2022 Argaam Exclusive

View other reports

Al Rajhi REIT Fund reported a net loss of SAR 175.1 million in 2021 from a net profit of SAR 12.5 million in 2020, fund manager Al Rajhi Capital said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 80.1 million in 2021, from SAR 105.1 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Rental Income 168.86 130.28 (22.8 %)
Funds from Operations(FFO) 105.06 75.49 (28.1 %)
Net Income 12.45 (175.08) (1506.0 %)
No of shares 161.86 161.86 -
Earnings Per Share before unusual items (Riyals) 0.08 (1.08) (1506.0 %)
Operating EPS (Riyal) 0.65 0.47 (28.1 %)
EPS (Riyal) 0.08 (1.08) (1506.0 %)

The losses were attributed to lower rental revenue and higher provision of impairment on investment properties.

 

This came despite the decrease in administrative fees and financing charges, as well as the increase in other revenue.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 83.90 47.95 (42.8 %)
Funds from Operations(FFO) 50.92 29.92 (41.3 %)
Net Income 30.11 (15.82) (152.5 %)
No of shares 161.86 161.86 -
Operating EPS (Riyal) 0.31 0.18 (41.3 %)
EPS (Riyal) 0.19 (0.10) (152.5 %)

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 2,322.01 2,061.50 (11.2 %)
Total Debt 791.26 791.26 -
Net assets attributable to the Unitholders Item 1,511.58 1,245.86 (17.6 %)
Market value of net assets 1,577.51 1,297.21 (17.8 %)

Net asset value (NAV) stood at SAR 1.245 billion (SAR 7.7 per unit) at the end of 2021.

 

The market value of assets stood at SAR 1.297 billion in 2021, with market value per unit as fair value at SAR 8.01.

 

View more financial results

 


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 %)
H2 2021 47.95 (42.8 %) 29.92 (41.3 %) (15.82) (152.5 %)
2021 130.28 (22.8 %) 75.49 (28.1 %) (175.08) (1506.0 %)

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 %)
H2 2021 2,061.50 (11.2 %) 791.26 0.0 % 1,245.86 (17.6 %) 1,297.21 (17.8 %)

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
H2 2021 0.18 (0.10) 7.70 8.01


Financial Ratios
Current
Number of Units (Million) 275.61
Net Income/Unit ( Riyal) 0.68
Funds from operations/Unit ( Riyal) 0.48
Par Value ( Riyal) 10.00
Price/book 1.01
Asset Growth (%) 1.0
Revenue Growth (%) 2.3
Net Income Growth (%) 30.6
more

Share Price

Al Rajhi REIT Fund
8.27
(0.02) (0.24 %)

Al Rajhi REIT Fund (Al RAJHI REIT)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.