AlJazira REIT Fund posts FFO of SAR 3.3 mln, net profit of SAR 4.3 mln in 2021

31/03/2022 Argaam Exclusive

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AlJazira REIT Fund posted a net profit of SAR 4.3 million (SAR 0.36 per unit) for 2021, against losses of SAR 23.9 million a year earlier.

Funds from operations (FFO) amounted to SAR 3.3 million in 2021, against losses of SAR 1.3 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	6.07	5.24	(13.8 %)
Funds from Operations(FFO)	(1.25)	3.33	366.3 %
Net Income	(23.90)	4.29	118.0 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	(0.11)	0.28	366.3 %
EPS (Riyals)	(2.03)	0.36	118.0 %

The profit was attributed to recording SAR 5.3 million credit loss expenses in 2020, and reversing impairment for real estate investments at a value of SAR 1.9 million in 2021, compared to recording SAR 22 million impairment in the same period a year ago.

The profit was offset by higher depreciation of real estate investments and lower lease revenues.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	2.97	2.71	(8.8 %)
Funds from Operations(FFO)	0.77	1.47	89.9 %
Net Income	(18.61)	1.69	109.1 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.07	0.12	89.9 %
EPS (Riyals)	(1.58)	0.14	109.1 %

Item	H1 2021	H2 2021	Change‬
Rental Income	2.53	2.71	7.4 %
Funds from Operations(FFO)	1.86	1.47	(20.9 %)
Net Income	2.60	1.69	(35.2 %)
No of shares	11.80	11.80	-
Operating EPS (Riyals)	0.16	0.12	(20.9 %)
EPS (Riyals)	0.22	0.14	(35.2 %)

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	84.44	85.22	0.9 %
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	82.23	82.53	0.4 %
Market value of net assets	82.23	82.53	0.4 %

Net asset value (NAV) in 2021 stood at SAR 82.534 million, while net book value per unit reached SAR 6.99.

The full-year market value of assets stood at SAR 82.534 million, with market value per unit at SAR 6.99.

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