Jadwa REIT Al Haramain posts SAR 3.4 mln FFO, SAR 9 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

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Jadwa REIT AlHaramain Fund trimmed net losses to SAR 9 million (SAR -0.14 per unit) for H1 2021, compared to SAR 68.1 million for the same period last year, according to a bourse filing by fund manager Jadwa Investment.

Funds from operations (FFO) stood at SAR 3.4 million in H1 2021, compared to a loss of SAR 1.6 million in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	8.07	8.00	(0.8 %)
Funds from Operations(FFO)	(1.63)	3.38	307.2 %
Net Income	(68.05)	(9.12)	86.6 %
No of shares	66.00	66.00	-
Operating EPS (Riyals)	(0.02)	0.05	307.2 %
EPS (Riyals)	(1.03)	(0.14)	86.6 %

The lower losses were due to a decline in impairment loss on investment properties to SAR 5.9 million in H1 2021, compared to SAR 60.5 million in the previous year.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	738.77	783.37	6.0 %
Total Debt	181.72	232.30	27.8 %
Net assets attributable to the Unitholders Item	548.41	539.30	(1.7 %)
Market value of net assets	630.54	568.92	(9.8 %)

Net asset value (NAV) in H1 2021 stood at SAR 539.3 million, while net book value per unit reached SAR 8.17.

The market value of assets stood at SAR 568.9 million in H1 2021, with market value per unit as fair value at SAR 8.62.

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