Derayah REIT posts SAR 77.1 mln FFO, SAR 14.9 mln net profit in 2020

31/03/2021 Argaam Exclusive

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Derayah REIT Fund reported a net profit of SAR 14.9 million (SAR 0.14/unit) for 2020, a decline of 26% from SAR 20.2 million a year earlier.

Funds from operations (FFO) dropped 11% to SAR 77.1 million in 2020 from SAR 80.9 million in 2019.

The profit drop was attributed to an increase of 23% year-on-year (YoY) in operating expenses and a slump of 11% in operating income.

Financials (M)

Item	2019	2020	Change‬
Rental Income	121.19	121.39	0.2 %
Funds from Operations(FFO)	80.91	77.11	(4.7 %)
Net Income	20.21	14.92	(26.2 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.75	0.72	(4.7 %)
EPS (Riyals)	0.19	0.14	(26.2 %)

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	61.83	64.84	4.9 %
Funds from Operations(FFO)	43.69	39.71	(9.1 %)
Net Income	(5.13)	7.37	243.6 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.41	0.37	(9.1 %)
EPS (Riyals)	(0.05)	0.07	243.6 %

Item	H1 2020	H2 2020	Change‬
Rental Income	56.55	64.84	14.7 %
Funds from Operations(FFO)	37.40	39.71	6.2 %
Net Income	7.55	7.37	(2.4 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.35	0.37	6.2 %
EPS (Riyals)	0.07	0.07	(2.4 %)

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,609.36	1,725.48	7.2 %
Total Debt	579.98	747.98	29.0 %
Net assets attributable to the Unitholders Item	1,001.42	944.53	(5.7 %)
Market value of net assets	1,003.34	961.54	(4.2 %)

Net asset value (NAV) stood at SAR 944.53 million, while the NAV per unit reached SAR 8.79 during the year.

The market value of assets reached SAR 961.54 million, with per unit market value stood at SAR 8.94.

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