Riyad REIT posts SAR 69.2 mln FFO, SAR 45.1 mln profit in 2020

31/03/2021 Argaam Exclusive

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Riyad REIT Fund posted a net profit of SAR 45.1 million (SAR 0.26 per unit) for 2020, down 36%, compared to SAR 70.9 million in 2019, according to a bourse filing by fund manager Riyad Capital.

Funds from operations (FFO) reached SAR 69.2 million, falling 25%, compared to SAR 92.4 million in the year-earlier period.

Financials (M)

Item	2019	2020	Change‬
Rental Income	181.16	186.02	2.7 %
Funds from Operations(FFO)	92.40	69.17	(25.1 %)
Net Income	70.88	45.06	(36.4 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.54	0.40	(25.1 %)
EPS (Riyals)	0.41	0.26	(36.4 %)

The decline in net profit was due to higher operating and finance costs.

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	90.71	97.62	7.6 %
Funds from Operations(FFO)	51.19	34.03	(33.5 %)
Net Income	37.24	21.16	(43.2 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.30	0.20	(33.5 %)
EPS (Riyals)	0.22	0.12	(43.2 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	88.40	97.62	10.4 %
Funds from Operations(FFO)	35.14	34.03	(3.2 %)
Net Income	23.90	21.16	(11.5 %)
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.20	0.20	(3.2 %)
EPS (Riyals)	0.14	0.12	(11.5 %)

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	2,385.78	2,521.15	5.7 %
Total Debt	685.08	883.91	29.0 %
Net assets attributable to the Unitholders Item	1,623.57	1,591.36	(2.0 %)
Market value of net assets	1,658.03	1,646.15	(0.7 %)

Net asset value (NAV) stood at SAR 1.591 billion, while the NAV per unit reached SAR 9.3 in 2020.

The market value of assets reached SAR 1.647 billion, while the market value per unit stood at SAR 9.6.

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