Swicorp Wabel REIT posts SAR 15.6 mln FFO, SAR 8.1 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

Swicorp Wabel REIT Fund reported a net loss of SAR 8.1 million (SAR -0.7 per unit) for the first six months of 2021, from a loss of SAR 141 million in the similar period last year, fund manager, Swicorp Co., said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 15.6 million in H1 2021, compared to SAR 15.7 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 33.10 28.22 (14.7 %)
Funds from Operations(FFO) 21.66 15.87 (26.8 %)
Net Income (141.01) (8.11) 94.2 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.18 0.13 (26.8 %)
EPS (Riyals) (1.19) (0.07) 94.2 %

The decline in losses is attributed to higher rental revenue, lower real estate investment depreciation and lower Zakat expense, in addition to realizing impairment loss on real estate investment value during the similar period last year.

 

This was despite the increase in financing charges. 

 

Net asset value (NAV) stood at SAR 939.61 million (SAR 7.96/unit) by the end of June 30, 2021.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,011.00 969.88 (4.1 %)
Total Debt 8.47 7.51 (11.3 %)
Net assets attributable to the Unitholders Item 957.76 939.61 (1.9 %)
Market value of net assets 957.76 939.61 (1.9 %)

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Financial Ratios
Current
Number of Units (Million) 118.00
Net Income/Unit ( Riyal) (0.59 )
Funds from operations/Unit ( Riyal) 0.01
P/E (X) (TTM) NEG
Current Price/FFO (X) 581.34
Par Value ( Riyal) 10.00
Price/book 0.71
Asset Growth (%) 11.5
Revenue Growth (%) 12.3
Net Income Growth (%) (281.89 )
Adjusted P/E (Last12) (X) Neg
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