Jadwa REIT Al Haramain posts SAR -1.6 mln FFO, SAR 68.1 mln net loss in H1 2020

25/08/2020 Argaam Exclusive

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Jadwa REIT Al Haramain Fund posted a net loss of SAR 68.1 million (SAR -1.03 per unit) for the first half of 2020, compared to a profit of SAR 9.1 million for the same period last year, according to a bourse filing by Jadwa Investment, the fund manager, on Tuesday.

Losses from funds from operations (FFO) reached SAR 1.6 million during the six-month period, compared to a profit of SAR 15 million in the year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	26.95	8.07	(70.1 %)
Funds from Operations(FFO)	14.99	(1.63)	(110.9 %)
Net Income	9.12	(68.05)	(846.3 %)
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.23	(0.02)	(110.9 %)
EPS (Riyals)	0.14	(1.03)	(846.3 %)

These losses were mainly attributed to lower rental income and impairment loss on investment properties worth SAR 60.5 million.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	828.55	738.77	(10.8 %)
Total Debt	181.13	181.72	0.3 %
Net assets attributable to the Unitholders Item	636.96	548.41	(13.9 %)
Market value of net assets	713.60	630.54	(11.6 %)

Net asset value (NAV) stood at SAR 548.41 million, while the NAV per unit reached SAR 8.31 during the six months.

The market value of assets reached SAR 630.54 million in H1 2020, while the per unit market value stood at SAR 9.55.

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