Swicorp Wabel REIT Fund reported a net loss of SAR 151.05 million (SAR 1.28/unit) for 2020, against a net profit of SAR 59.3 million a year earlier.
Funds from operations (FFO) slumped 47% to SAR 21.09 million in 2020 from SAR 39.6 million in 2019.
The losses were attributed to recording an impairment of real estate investment provision of SAR 151.35 million, compared to a provision reversal a year earlier. A decline in other revenues also weighed on the fund’s full-year financials.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 103.69 | 54.17 | (47.8 %) |
| Funds from Operations(FFO) | 51.58 | 21.57 | (58.2 %) |
| Net Income | 59.29 | (151.05) | (354.7 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.44 | 0.18 | (58.2 %) |
| EPS (Riyals) | 0.50 | (1.28) | (354.7 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 48.37 | 21.07 | (56.4 %) |
| Funds from Operations(FFO) | 15.37 | (0.10) | (100.6 %) |
| Net Income | 32.95 | (10.04) | (130.5 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.13 | 0.00 | (100.6 %) |
| EPS (Riyals) | 0.28 | (0.09) | (130.5 %) |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 33.10 | 21.07 | (36.3 %) |
| Funds from Operations(FFO) | 21.66 | (0.10) | (100.5 %) |
| Net Income | (141.01) | (10.04) | 92.9 % |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.18 | 0.00 | (100.5 %) |
| EPS (Riyals) | (1.19) | (0.09) | 92.9 % |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 1,186.67 | 982.36 | (17.2 %) |
| Total Debt | 8.30 | 7.99 | (3.7 %) |
| Net assets attributable to the Unitholders Item | 1,149.51 | 947.72 | (17.6 %) |
| Market value of net assets | 1,164.18 | 947.72 | (18.6 %) |
Net asset value (NAV) stood at SAR 947.72 million, while the NAV per unit reached SAR 8.03 during the year.
The market value of assets reached SAR 947.72 million, with per unit market value stood at SAR 8.03.
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