Riyad REIT posts SAR 127.5 mln FFO, SAR 96.6 mln profit in 2021

29/03/2022 Argaam Exclusive

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Riyad REIT Fund reported a net income of SAR 96.6 million (SAR 0.56 per unit) in 2021, compared to SAR 45.1 million in 2020, fund manager Riyad Capital said in a bourse statement today, March 29.

Funds from operations (FFO) stood at SAR 127.5 million in 2021, an 84.4% jump from SAR 69.2 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Rental Income	186.02	267.48	43.8 %
Funds from Operations(FFO)	69.17	127.51	84.4 %
Net Income	45.06	96.55	114.3 %
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.40	0.74	84.4 %
EPS (Riyals)	0.26	0.56	114.3 %

The higher profits were driven by increased rentals and income from hotels.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	97.62	158.30	62.2 %
Funds from Operations(FFO)	34.03	80.92	137.8 %
Net Income	21.16	63.38	199.6 %
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.20	0.47	137.8 %
EPS (Riyals)	0.12	0.37	199.6 %

Item	H1 2021	H2 2021	Change‬
Rental Income	109.18	158.30	45.0 %
Funds from Operations(FFO)	46.59	80.92	73.7 %
Net Income	33.17	63.38	91.1 %
No of shares	171.70	171.70	-
Operating EPS (Riyals)	0.27	0.47	73.7 %
EPS (Riyals)	0.19	0.37	91.1 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	2,521.15	3,072.59	21.9 %
Total Debt	883.91	1,367.33	54.7 %
Net assets attributable to the Unitholders Item	1,591.36	1,598.63	0.5 %
Market value of net assets	1,646.15	1,752.78	6.5 %

Net asset value (NAV) stood at SAR 1.598 billion (SAR 9.30 per unit) at the end of 2021.

The market value of assets stood at SAR 1.752 billion in 2021, with market value per unit as fair value at SAR 10.20.

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