Logo of Al Mashaar REIT Fund
Al Mashaar REIT Fund reported a net profit of SAR 0.4 million (SAR 0.05/unit) in Q3 2021, against a net loss of SAR 2.04 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement today, Oct. 17.
Funds from operations (FFO) stood at SAR 2.77 million during the three-month period, against an FFO loss of SAR 0.32 million in Q3 2020.
|
Quarterly Financial Results Highlights (SAR mln) |
|||
|
Item |
Q3 2020 |
Q3 2021 |
Variation |
|
Rental Revenue |
-- * |
4.65 |
-- |
|
Operating Expenses |
(0.32) |
(1.88) |
(492%) |
|
FFO |
(0.32) |
2.77 |
-- |
|
Net Profit |
(2.04) |
0.40 |
-- |
|
Number of Units (mln) |
57.24 |
57.24 |
-- |
|
FFO per Unit (SAR) |
(0.01) |
0.05 |
-- |
|
Profit per Unit (SAR) |
(0.04) |
0.01 |
-- |
Al Mashaar REIT reported positive performance as it resumed to generate rental revenue as the market has gradually returned to normal conditions amid increased occupancy rates in the fund’s assets.
The fund also reported depreciation expenses of SAR 2.43 million in Q3 2021, compared to SAR 1.73 million a year earlier.
|
Interim Financial Results Highlights (SAR mln) |
|||
|
Item |
September 2020 |
September 2021 |
Variation |
|
Rental Revenue |
19.2 |
11.4 |
(41%) |
|
Operating Expenses |
*(13.6) |
(3.9) |
+71% |
|
FFO |
5.6 |
7.5 |
+33% |
|
Net Profit |
(14.9) |
(5.6) |
+63% |
|
Number of Units (mln) |
57.2 |
57.2 |
-- |
|
FFO per Unit (SAR) |
0.10 |
0.13 |
+33% |
|
Profit per Unit (SAR) |
(0.26) |
(0.10) |
+63% |
The following table illustrates Al Mashaar REIT Fund’s balance sheet highlights as of Sept. 30, 2021:
|
Balance Sheet (SAR mln) |
|||
|
Item |
September 2020 |
September 2021 |
Variation |
|
Assets |
541.7 |
653.1 |
+21% |
|
Liabilities |
0.4 |
157.5 * |
(40614%) |
|
Net Assets Attributable to Unitholders |
57.2 |
57.2 |
-- |
|
Net Assets/Unit (SAR) |
9.46 |
8.66 |
(8%) |
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