Jadwa REIT Al Haramain posts SAR -1.7 mln FFO, SAR 68.1 mln net loss in 2020

30/03/2021 Argaam Exclusive

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Jadwa REIT AlHaramain Fund posted a net loss of SAR 68.1 million (SAR -1.03 per unit) for 2020, compared to a profit of SAR 19 million for the same period last year, according to a bourse filing by fund manager Jadwa Investment.

Losses from funds from operations (FFO) reached SAR 1.7 million in 2020, compared to a profit of SAR 32.6 million in the year-earlier period.

Financials (M)

Item	2019	2020	Change‬
Rental Income	52.57	8.07	(84.7 %)
Funds from Operations(FFO)	32.56	(1.72)	(105.3 %)
Net Income	18.97	(68.05)	(458.6 %)
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.49	(0.03)	(105.3 %)
EPS (Riyals)	0.29	(1.03)	(458.6 %)

The losses were mainly attributed to lower rental income falling SAR 44.5 million and impairment loss on investment properties worth SAR 59.8 million.

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	25.62	-	-
Funds from Operations(FFO)	17.57	(0.09)	(100.5 %)
Net Income	9.85	0.01	(99.9 %)
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.27	0.00	(100.5 %)
EPS (Riyals)	0.15	0.00	(99.9 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	8.07	-	-
Funds from Operations(FFO)	(1.63)	(0.09)	94.7 %
Net Income	(68.05)	0.01	100.0 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	(0.02)	0.00	94.7 %
EPS (Riyals)	(1.03)	0.00	100.0 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	817.51	789.36	(3.4 %)
Total Debt	181.42	232.01	27.9 %
Net assets attributable to the Unitholders Item	629.66	548.41	(12.9 %)
Market value of net assets	712.14	631.45	(11.3 %)

Net asset value (NAV) stood at SAR 548.41 million, while the NAV per unit reached SAR 8.31 last year.

The market value of assets reached SAR 631.45 million, while the market value per unit stood at SAR 9.57 in 2020.

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