Al Maather REIT Fund posts FFO of SAR 21.7 mln, net profit of SAR 10.2 mln in H1 2022

17/08/2022 Argaam Exclusive

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Al Maather REIT Fund posted a net profit of SAR 10.2 million (SAR 0.17 per unit) for H1 2022, a 9% decline compared to SAR 11.3 million a year earlier.

Funds from operations (FFO) amounted to SAR 21.7 million in H1 2022, compared with SAR 18.5 million in H1 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	24.95	31.17	24.9 %
Funds from Operations(FFO)	18.49	21.69	17.3 %
Net Income	11.28	10.24	(9.2 %)
No of shares	61.37	61.37	-
Operating EPS (Riyals)	0.30	0.35	17.3 %
EPS (Riyals)	0.18	0.17	(9.2 %)

The profit decline was attributed to higher fund management fees, other expenses, and Zakat charges.

The fund booked SAR 1.4 million in provision for impairment loss on investment properties compared to reversing a provision for impairment in investment real estate of SAR 1 million.

Meanwhile, depreciation expenses and financing charges increased in H1 2022 compared to the same period a year earlier.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	661.16	734.80	11.1 %
Total Debt	100.46	201.07	100.1 %
Net assets attributable to the Unitholders Item	536.75	508.28	(5.3 %)
Market value of net assets	593.93	587.58	(1.1 %)

Net asset value (NAV) as of June 30, 2022, stood at SAR 508.279 million, while net book value per unit reached SAR 8.28.

The market value of assets stood at SAR 587.58 million as of June 2022-end, with market value per unit at SAR 9.57.

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