Al Maather REIT posts SAR 18.5 mln FFO, SAR 11.3 mln profit in H1 2021

18/08/2021 Argaam Exclusive

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Al Maather REIT Fund reported a net profit of SAR 11.3 million (SAR 0.18/unit) for the first six months of 2021, surging from SAR 3.9 million in the similar period last year, fund manager Osool & Bakheet Investment Co. said in a bourse statement.

Funds from operations (FFO) stood at SAR 18.5 million in H1 2021, an 81.3% hike from SAR 10.2 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	26.78	24.95	(6.8 %)
Funds from Operations(FFO)	10.16	18.49	81.9 %
Net Income	3.90	11.28	189.6 %
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.17	0.30	81.9 %
EPS (Riyals)	0.06	0.18	189.6 %

The increase in profit is attributed to lower fund management fees, and Zakat and other expenses.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	639.92	661.16	3.3 %
Total Debt	60.47	100.46	66.1 %
Net assets attributable to the Unitholders Item	560.67	536.75	(4.3 %)
Market value of net assets	578.45	593.93	2.7 %

Net asset value (NAV) stood at SAR 536.7 million and net book value stood at SAR 8.75 by the end of June 30, 2021.

The market value of assets stood at SAR 593.93 million in H1 2021, with market value per unit as fair value at SAR 9.68.

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