Al Maather REIT posts FFO of SAR 9.6 mln, net profit of SAR 3.9 mln in H1 2020

16/08/2020 Argaam Exclusive

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Al Maather REIT Fund posted a net profit of SAR 3.9 million in the first half of 2020 (SAR 0.06/ unit), compared to a profit of SAR 14.1 million in the same period last year, Osool and Bakheet Investment Company, the fund manager, said in a bourse filing on Sunday.

Funds from operations (FFO) reached SAR 9.6 million in H1 2020 compared to SAR 20.3 million a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	25.61	26.78	4.6 %
Funds from Operations(FFO)	20.85	10.16	(51.3 %)
Net Income	14.06	3.90	(72.3 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.34	0.17	(51.3 %)
EPS (Riyals)	0.23	0.06	(72.3 %)

The reason for the decline in profit was attributed to expected credit loss provision of SAR 10.1 million, in addition to Islamic finance cost of SAR 924, 482 and fund management fees, despite high rental income.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	611.15	639.92	4.7 %
Total Debt	6.68	60.47	805.2 %
Net assets attributable to the Unitholders Item	587.48	560.67	(4.6 %)
Market value of net assets	595.52	578.45	(2.9 %)

Net asset value (book value) at the end of the period stood at SAR 560.67 million, while net unit value was SAR 9.13.

The market value of assets stood at SAR 578.45 million in H1 2020, and the per unit market value reached SAR 9.42.

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