Al Maather REIT Fund posted a net profit of SAR 10.2 million (SAR 0.17 per unit) for H1 2022, a 9% decline compared to SAR 11.3 million a year earlier.
Funds from operations (FFO) amounted to SAR 21.7 million in H1 2022, compared with SAR 18.5 million in H1 2021.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 24.95 | 31.17 | 24.9 % |
| Funds from Operations(FFO) | 18.49 | 21.69 | 17.3 % |
| Net Income | 11.28 | 10.24 | (9.2 %) |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.30 | 0.35 | 17.3 % |
| EPS (Riyals) | 0.18 | 0.17 | (9.2 %) |
The profit decline was attributed to higher fund management fees, other expenses, and Zakat charges.
The fund booked SAR 1.4 million in provision for impairment loss on investment properties compared to reversing a provision for impairment in investment real estate of SAR 1 million.
Meanwhile, depreciation expenses and financing charges increased in H1 2022 compared to the same period a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 661.16 | 734.80 | 11.1 % |
| Total Debt | 100.46 | 201.07 | 100.1 % |
| Net assets attributable to the Unitholders Item | 536.75 | 508.28 | (5.3 %) |
| Market value of net assets | 593.93 | 587.58 | (1.1 %) |
Net asset value (NAV) as of June 30, 2022, stood at SAR 508.279 million, while net book value per unit reached SAR 8.28.
The market value of assets stood at SAR 587.58 million as of June 2022-end, with market value per unit at SAR 9.57.
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