Al Rajhi REIT Fund reported a 78% slump in 2020 net profit to SAR 12.5 million (SAR 0.08/unit) from SAR 56.10 million a year earlier, Al Rajhi Capital, the fund manager said in a bourse statement.
Funds from operations (FFO) stood at SAR 105.1 million in 2020, compared to SAR 82.74 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 115.93 | 168.86 | 45.6 % |
| Funds from Operations(FFO) | 72.74 | 105.06 | 44.4 % |
| Net Income | 56.10 | 12.45 | (77.8 %) |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.45 | 0.65 | 44.4 % |
| EPS (Riyals) | 0.35 | 0.08 | (77.8 %) |
These profit drop was attributed to SAR 64.9 million impairment on investment properties, a 48% rise year-on-year (YoY) in operating expenses and a 63% increase YoY in real estate investment depreciation.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 59.64 | 83.90 | 40.7 % |
| Funds from Operations(FFO) | 34.82 | 50.92 | 46.2 % |
| Net Income | 26.06 | 30.11 | 15.5 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.22 | 0.31 | 46.2 % |
| EPS (Riyals) | 0.16 | 0.19 | 15.5 % |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 84.96 | 83.90 | (1.3 %) |
| Funds from Operations(FFO) | 54.13 | 50.92 | (5.9 %) |
| Net Income | (17.66) | 30.11 | 270.5 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.33 | 0.31 | (5.9 %) |
| EPS (Riyals) | (0.11) | 0.19 | 270.5 % |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 2,386.20 | 2,322.01 | (2.7 %) |
| Total Debt | 791.25 | 791.26 | 0.0 % |
| Net assets attributable to the Unitholders Item | 1,578.44 | 1,511.58 | (4.2 %) |
| Market value of net assets | 1,603.66 | 1,577.51 | (1.6 %) |
Net asset value (NAV) stood at SAR 1.511 billion by the end of 2020, with a net book value per unit at SAR 9.3.
Net asset value at fair value stood at SAR 1.578 billion in 2020, with net asset value per unit at fair value reached SAR 9.75.
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