AlJazira REIT posts SAR 1.9 mln FFO, SAR 2.6 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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AlJazira REIT Fund reported a net profit of SAR 2.6 mln (SAR 0.22/unit) for the first half of 2021, against a net loss of SAR 5.3 million a year earlier, the fund manager Aljazira Capital said in a bourse statement.

Funds from operations (FFO) reached SAR 1.9 million during the six-month period, against losses of SAR 2 million in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	3.10	2.53	(18.5 %)
Funds from Operations(FFO)	(2.03)	1.86	191.8 %
Net Income	(5.29)	2.60	149.3 %
No of shares	11.80	11.80	-
Operating EPS (Riyals)	(0.17)	0.16	191.8 %
EPS (Riyals)	(0.45)	0.22	149.3 %

The positive performance was backed by a reversal of impairments in investment properties of SAR 1.2 million in H1 2021, compared to a provision of SAR 2.8 million a year earlier. The fund incurred expected credit loss expenses of SAR 4 million in H1 2020. Moreover, the fund management fees dropped 17% year-on-year (YoY).

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	105.41	87.34	(17.1 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	104.38	84.83	(18.7 %)
Market value of net assets	95.25	84.10	(11.7 %)

Net asset value attributable to the unitholders by the end of the period reached SAR 84.83 million, while the asset book value attributable to the unit stood at SAR 7.19.

Net asset value (NAV) reached SAR 84.1 million in H1 2021, while the asset value attributable to the unit stood at SAR 7.13.

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