Jadwa REIT Al Haramain posts FFO of SAR 6.7 mln, net loss of SAR 9.2 mln in 2021

31/03/2022 Argaam Exclusive

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Jadwa REIT Al Haramain Fund cut its 2021 net loss of SAR 9.2 million, from SAR 68 million a year earlier.

Funds from operations (FFO) amounted to SAR 6.7 million in 2021, compared to SAR 1.7 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	8.07	16.00	98.3 %
Funds from Operations(FFO)	(1.72)	6.69	489.6 %
Net Income	(68.05)	(9.16)	86.5 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	(0.03)	0.10	489.6 %
EPS (Riyals)	(1.03)	(0.14)	86.5 %

The narrowed losses were attributed to a lease contract termination fee of SAR 16 million. The fund recorded a provision for real estate investments loss of SAR 4.8 million in 2021, compared to a provision of SAR 68 million a year earlier.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Funds from Operations(FFO)	(0.09)	3.31	3946.5 %
Net Income	0.01	(0.04)	(575.0 %)
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.00	0.05	3946.5 %
EPS (Riyals)	0.00	0.00	(575.0 %)

Item	H1 2021	H2 2021	Change‬
Rental Income	8.00	8.00	-
Funds from Operations(FFO)	3.38	3.31	(2.1 %)
Net Income	(9.12)	(0.04)	99.6 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	0.05	0.05	(2.1 %)
EPS (Riyals)	(0.14)	0.00	99.6 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	789.36	793.66	0.5 %
Total Debt	232.01	252.11	8.7 %
Net assets attributable to the Unitholders Item	548.41	539.26	(1.7 %)
Market value of net assets	631.45	584.18	(7.5 %)

Net asset value (NAV) in 2021 stood at SAR 539.26 million, while net book value per unit reached SAR 8.17.

The full-year market value of assets stood at SAR 584.18 million, with market value per unit at SAR 8.85.

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