Jadwa REIT Al Haramain Fund’s net profit declined to SAR 19 million (SAR 0.29/unit) for 2019, compared to SAR 23.6 million profit for the same period last year.
Funds from Operations (FFO) reached SAR 32.6 million, down 12% year-on-year from SAR 36.9 million in 2018.
|
Income Statement (SAR mln) |
|||
|
Item |
2018 |
2019 |
Change (%) |
|
Rental Income |
53.98 |
52.57 |
2.6 |
|
Funds from Operations (FFO) |
36.56 |
32.56 |
11.8 |
|
Net profit |
23.65 |
18.97 |
19.8 |
|
Number of units (mln) |
66.00 |
66.00 |
- |
|
Operating EPS (SAR) |
0.56 |
0.49 |
11.8 |
|
EPS (SAR) |
0.36 |
0.29 |
19.8 |
The decline in profit was driven by decrease in rental income and increase in financing costs and other expenses.
|
Income Statement (SAR mln) |
|||
|
Item |
H1 2018 |
H1 2019 |
Change (%) |
|
Rental Income |
27.39 |
25.62 |
6.5 |
|
Funds from Operations (FFO) |
18.57 |
16.68 |
10.1 |
|
Net profit |
11.83 |
9.85 |
16.7 |
|
Number of units (mln) |
66.00 |
66.00 |
-- |
|
Operating EPS (SAR) |
0.28 |
0.25 |
10.1 |
|
EPS (SAR) |
0.18 |
0.15 |
16.7
|
As for the interim results, the fund achieved a net profit of SAR 9.9 million in the second half of 2019, down by 16.7%, from SAR 11.8 million in the same period of 2018. Income from operating operations reached SAR 16.7 million, registering a 10% year-on-year (YoY) decline.
|
Balance Sheet (SAR mln) |
|||
|
Item |
March 2019 |
March 2020 |
Change (%) |
|
Total Assets |
832.91 |
817.51 |
1.8 |
|
Liabilities |
180.84 |
181.42 |
0.3 |
|
Net Assets for Unit Holders |
646.33 |
629.66 |
2.6 |
|
Net Asset (market value) |
716.96 |
712.14 |
0.7 |
The net value of the book assets at the end of the period amounted to SAR 629.66 million by the end of 2019, and the net book unit value was SAR 9.54 riyals.
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