AlAhli REIT Fund (1) posts SAR 18.62 mln net profit in H1 2020

AlAhli REIT Fund (1) reported a 34% drop in H1 2020 net profit to SAR 18.62 million (or SAR 0.14 per share), compared to net profit of SAR 28.08 million a year earlier.

Funds from operations (FFO) fell by 13% to SAR 24.13 million in H1 2020, from SAR 27.61 million in prior-year period.

Operating expenses stood at SAR 28.21 million and depreciation costs stood at SAR 10.7 million.

Finance charges reached SAR 5.29 million in the same period, compared to zero charges in H1 2019.

The percentage of debts/assets under management (AUM) stood at 26%. The percentage of debt drawn down to total available debt facility hit 77.7%.

AlAndalus Mall is fully operational now as the Kingdom eases measures implemented to combat the spread of Coronavirus, the fund said in the quarterly factsheet.

The fund completed the acquisition of an office complex in Riyadh for SAR 250 million that was financed by the existing bank facility available to the Fund. The property is fully leased for a period of 3 years with an annual yield of 8.6%.