Al Mashaar REIT posts SAR 12.9 mln net loss, FFO of SAR 6 mln in H1 2020

25/08/2020 Argaam Exclusive

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Al Mashaar REIT Fund posted a net loss of SAR 12.9 million (SAR 0.22 per unit) for H1 2020, against a net profit of SAR 12.1 million in year-earlier period, due to SAR 15.37 million impairment in real estate investments.

Funds from operations (FFO) stood at SAR 6 million in H1 2020, falling 61.4% from SAR 15.4 million in H1 2019.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	19.16	19.21	0.3 %
Funds from Operations(FFO)	15.43	5.95	(61.5 %)
Net Income	12.08	(12.88)	(206.6 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.27	0.10	(61.5 %)
EPS (Riyals)	0.21	(0.22)	(206.6 %)

Total net asset value (NAV) came in at SAR 549 million, while NAV per unit reached SAR 9.59. Net asset book value reached SAR 549 million.

Total expenses and fees reached SAR 32 million for the six-month period.

The number of issued units hit SAR 572.4 million,

The first-half return reached -2.23%.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	581.19	549.72	(5.4 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	579.35	549.07	(5.2 %)
Market value of net assets	589.73	549.07	(6.9 %)

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