AlJazira REIT incurs SAR -2 mln FFO, SAR 5.3 mln net loss in H1 2020

AlJazira REIT Fund incurred a net loss of SAR 5.3 mln (SAR -0.45/unit) for the first half of 2020 compared to SAR 2.8 million in the same period a year earlier, Aljazira Financial Markets Co. said in a bourse statement on Tuesday.

Losses from funds from operations (FFO) reached SAR 2 million during the six-month period, compared to a profit of SAR 1.7 million in the year-earlier period.

These losses were mainly attributed to recording of credit loss expenses of SAR 4 million riyals, higher other expenses, despite of higher rental income by 27% and impairment loss on investment properties.

Net asset value (NAV) stood at SAR 104.38 mln, while the NAV per unit reached SAR 8.85 as of June 30, 2020.

The market value of assets reached SAR 95.25 million in H1 2020, while the per unit market value stood at SAR 8.08.

The number of outstanding units totaled 11.800 million, with a negative yield of 5.30% for H1 2020.

 Total expenses and fees stood at SAR 1.093 million by the period.