Jadwa REIT Al Haramain posts SAR 32.6 mln operating profit in 2019

Jadwa REIT Al Haramain Fund’s net profit declined to SAR 19 million (SAR 0.29/unit) for 2019, compared to SAR 23.6 million profit for the same period last year.

Funds from Operations (FFO) reached SAR 32.6 million, down 12% year-on-year from SAR 36.9 million in 2018.

Income Statement (SAR mln)
Item	2018	2019	Change (%)
Rental Income	53.98	52.57	2.6
Funds from Operations (FFO)	36.56	32.56	11.8
Net profit	23.65	18.97	19.8
Number of units (mln)	66.00	66.00	-
Operating EPS (SAR)	0.56	0.49	11.8
EPS (SAR)	0.36	0.29	19.8

The decline in profit was driven by decrease in rental income and increase in financing costs and other expenses.

Income Statement (SAR mln)
Item	H1 2018	H1 2019	Change (%)
Rental Income	27.39	25.62	6.5
Funds from Operations (FFO)	18.57	16.68	10.1
Net profit	11.83	9.85	16.7
Number of units (mln)	66.00	66.00	--
Operating EPS (SAR)	0.28	0.25	10.1
EPS (SAR)	0.18	0.15	16.7

As for the interim results, the fund achieved a net profit of SAR 9.9 million in the second half of 2019, down by 16.7%, from SAR 11.8 million in the same period of 2018. Income from operating operations reached SAR 16.7 million, registering a 10% year-on-year (YoY) decline.

Balance Sheet (SAR mln)
Item	March 2019	March 2020	Change (%)
Total Assets	832.91	817.51	1.8
Liabilities	180.84	181.42	0.3
Net Assets for Unit Holders	646.33	629.66	2.6
Net Asset (market value)	716.96	712.14	0.7

The net value of the book assets at the end of the period amounted to SAR 629.66 million by the end of 2019, and the net book unit value was SAR 9.54 riyals.

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