Argaam Exclusive

Jadwa REIT Saudi Fund posted a 69% leap in H1 2022 net profit to SAR 45.6 million (SAR 0.24 per unit), compared to SAR 27 million a year earlier.

Funds from operations (FFO) jumped 13% to SAR 60.4 million in the six-month period, from SAR 53.4 million in the year-ago period.

The fund was buoyed by higher revenue. It also received SAR 13.5 million dividends. The fund reported a decline in net loss from financial assets at fair value.

The higher profit came despite increased expenses and depreciation of real estate investments.

Net asset value (NAV) stood at SAR 1.882 billion by the end of H1 2022, while net book value per unit reached SAR 9.77.

The market value of assets also reached SAR 2.078 billion as of June 30, 2022, while net value per unit reached SAR 11.15.

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Share Price

Jadwa REIT Saudi Fund (Jadwa REIT Saudi)

Number of Units (Million) 186.51
Net Income/Unit ( Riyal) 0.25
Funds from operations/Unit ( Riyal) 0.61
P/E (X) (TTM) More than 50
Current Price/FFO (X) 21.30
Price/book 1.33
Asset Growth (%) 11.6
Revenue Growth (%) 10.6
Net Income Growth (%) (68.07 )
Adjusted P/E (Last12) (X) More than 50

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