Al Maather REIT posts SAR 13.4 mln net profit in H2 2019

06/01/2020 Argaam

 

Al Maather REIT posted a net profit of SAR 13.39 million (SAR 0.22/unit) in the second half of 2019, compared to losses of SAR 9.29 million in the same period a year ago, according to a bourse filing.

 

Net operating income rose by 2% to stand at SAR 19.99 million in H2 2019, the statement added.

 

Income Statement

Change %

H2 2019

H2 2018

Period

+4%

27.52

26.41

Rental revenue (SAR mln)

11%+

(7.52)

(6.79)

OPEX (SAR mln)

+2%

19.99

19.62

Net operating income (SAR mln)

+2%

0.33

0.32

Operating profit per unit  (SAR/unit)

-

13.39

(9.29)

Net profit (SAR mln)

-

61.37

61.37

Number of units

-

0.22

(0.15)

Net profit/ unit

 

As Dec. 31, 2019, Net Asset Value (NAV) stood at SAR 601.06 million, while NAV per unit hit SAR 9.79. The fund’s gross assets totaled SAR 650.43 million.

 

Depreciation and usufruct contracts amortization amounted to SAR 6.61 million for the same period.

 

Income Statement

Change %

2019

2018

Period

+2%

53.13

52.30

Rental revenue (SAR mln)

--

(12.02)

(12.02)

OPEX (SAR mln)

+2%

41.11

40.28

Net operating income (SAR mln)

+2%

0.67

0.66

Operating profit per unit  (SAR/unit)

+524%

27.41

4.40*

Net profit (SAR mln)

--

61.37

61.37

Number of units

+524%

0.45

0.07

Net profit/ unit

 

Included a decrease in real estate investments value by SAR 24.5 million.

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