Jadwa REIT Saudi says H1 2021 net income does not include dividends from underlying investment funds

Logo of Jadwa REIT Saudi Fund

Jadwa REIT Saudi Fund’s net income and funds from operations (FFO) for the period ended June 30, 2021, do not include dividends from other underlying investment funds, in which the fund invested.

The underlying funds usually distribute dividends after the end of the period, but these dividends are not reflected in the interim financial statements of Jadwa REIT Saudi Fund, Jadwa Investment, the fund manager, said in a bourse statement.

Jadwa Investment expected that the fund’s FFO to increase after the dividend distribution by the underlying investment funds, the statement added.

Jadwa REIT Saudi Fund reported net income of SAR 27 million (SAR 0.17/unit) for H1 2021, a decline of 24% year-on-year (YoY), Argaam reported.

FFO reached SAR 46.1 million during the six-month period, compared to SAR 54.9 million in H1 2020.