Al Mashaar REIT posts SAR 4.7 mln FFO, SAR 6 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

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Al Mashaar REIT reported net loss of SAR 6 mln (SAR 0.10/unit) for H1 2021, compared to SAR 12.9 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement today, Aug. 19, 2021.

Funds from operations (FFO) reached SAR 4.7 million during the six-month period, a drop of 21%, compared to SAR 6 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	19.21	6.77	(64.7 %)
Funds from Operations(FFO)	5.95	4.72	(20.6 %)
Net Income	(12.88)	(5.98)	53.6 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.10	0.08	(20.6 %)
EPS (Riyals)	(0.22)	(0.10)	53.6 %

The profit drop was driven by lower expenses and asset impairment.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	549.72	658.89	19.9 %
Total Debt	-	149.89	-
Net assets attributable to the Unitholders Item	549.07	495.20	(9.8 %)
Market value of net assets	549.07	495.23	(9.8 %)

Net asset value (NAV) stood at SAR 495.20 million, while the NAV per unit reached SAR 8.65 during the six-month period.

The market value of assets reached SAR 495.20 million, with per unit market value stood at SAR 8.65.

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