Al Maather REIT posts SAR 24.9 mln FFO, SAR 7.4 mln net loss in 2020

31/03/2021 Argaam Exclusive

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Al Maather REIT Fund reported a net loss of SAR 7.4 million (SAR -0.12/unit) for 2020, against a net profit of SAR 21.40 million a year earlier, Osool & Bakheet Investment, fund manager, said in a bourse filing.

Funds from operations (FFO) dropped 39% to SAR 24.9 million in 2020 from SAR 40.5 million in 2019.

The losses were attributed to expected credit loss expenses of SAR 11.4 million in 2020, compared to SAR 1 million a year earlier. The fund recorded real estate investment impairments of SAR 16.6 million, compared to SAR 3.7 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Rental Income	53.29	51.27	(3.8 %)
Funds from Operations(FFO)	40.50	25.99	(35.8 %)
Net Income	21.40	(7.37)	(134.4 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.66	0.42	(35.8 %)
EPS (Riyals)	0.35	(0.12)	(134.4 %)

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	27.68	24.48	(11.6 %)
Funds from Operations(FFO)	19.65	15.83	(19.5 %)
Net Income	7.34	(11.26)	(253.5 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.32	0.26	(19.5 %)
EPS (Riyals)	0.12	(0.18)	(253.5 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	26.78	24.48	(8.6 %)
Funds from Operations(FFO)	10.16	15.83	55.7 %
Net Income	3.90	(11.26)	(389.0 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.17	0.26	55.7 %
EPS (Riyals)	0.06	(0.18)	(389.0 %)

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	646.58	668.84	3.4 %
Total Debt	28.06	90.68	223.2 %
Net assets attributable to the Unitholders Item	594.82	549.41	(7.6 %)
Market value of net assets	602.71	544.47	(9.7 %)

Net asset value (NAV) stood at SAR 549.4 million, while the NAV per unit reached SAR 9 during the year.

The market value of assets reached SAR 544.4 million, with per unit market value stood at SAR 8.9.

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