Al Maather REIT Fund posts SAR 38.7 mln FFO, SAR 8.4 mln profit in 2021

31/03/2022 Argaam Exclusive

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Al Maather REIT Fund turned to a net income of SAR 8.4 million (SAR 0.14 per unit) in 2021, compared to a net loss of SAR 7.4 million (-SAR 0.12 per unit) in 2020, fund manager Osool & Bakheet Investment Co. said in a bourse statement today, March 31.

Funds from operations (FFO) stood at SAR 38.7 million in 2021, from SAR 26 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Rental Income	51.27	51.63	0.7 %
Funds from Operations(FFO)	25.99	38.67	48.8 %
Net Income	(7.37)	8.38	213.8 %
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.42	0.63	48.8 %
EPS (Riyals)	(0.12)	0.14	213.8 %

The losses were attributed to expected credit loss expenses of SAR 836,00 in 2021, compared to SAR 11.4 million a year earlier.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	24.48	26.68	9.0 %
Funds from Operations(FFO)	15.83	20.18	27.5 %
Net Income	(11.26)	(2.90)	74.2 %
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.26	0.33	27.5 %
EPS (Riyals)	(0.18)	(0.05)	74.2 %

Item	H1 2021	H2 2021	Change‬
Rental Income	24.95	26.68	6.9 %
Funds from Operations(FFO)	18.49	20.18	9.2 %
Net Income	11.28	(2.90)	(125.7 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.30	0.33	9.2 %
EPS (Riyals)	0.18	(0.05)	(125.7 %)

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	668.84	660.03	(1.3 %)
Total Debt	90.68	100.29	10.6 %
Net assets attributable to the Unitholders Item	549.41	533.85	(2.8 %)
Market value of net assets	544.47	594.60	9.2 %

Net asset value (NAV) stood at SAR 533.9 million (SAR 8.7 per unit) at the end of 2021.

The market value of assets stood at SAR 594.7 million in 2021, with market value per unit at SAR 9.69.

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