Swicorp Wabel REIT posts SAR 9.4 mln FFO, SAR 9.2 mln net profit in Q4 2020

14/01/2021 Argaam

Logo of Swicorp Wabel REIT Fund


Swicorp Wabel REIT Fund reported a net profit of SAR 9.2. mln (SAR 0.08/unit) for Q4 2020, compared to SAR 2.5 million a year earlier, Swicorp, the fund manager, said in a bourse statement today, Jan. 14, 2021.

 

Funds from operations (FFO) reached SAR 9.4 million during the three-month period, compared to SAR 11.9 million in Q4 2019.

 

Income Statement (SAR mln)

Item

Q4 2019

Q4 2020

Rental Income

21.3

18.8

Operating expenses

(9.3)

(9.4)

Funds from Operations (FFO)

 11.9

9.4

Net profit

2.5

9.2

Number of units (mln)

118.0

118.0

FFO per unit (SAR)

0.10

0.08

Earnings per unit (SAR)

0.02

0.08

*Includes media revenue of SAR 3 mln for Q4 2020

 

The increase in the fund’s net profit was driven by impairment reversal of SAR 7.2 million during the period.

 

Balance Sheet (SAR mln)

Item

Dec. 2019

Dec. 2020

Variation (%)

Total Assets

1158.8

1012.5

(13%)

Liabilities

26.7

34.2

(28%)

NAV for Unit Holders

978.2

978.2

(14%)

NAV per Unit (SAR)

8.29

8.29

(14%)

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