Derayah REIT posts SAR 34.8 mln FFO, SAR 7.6 mln net profit in H1 2020

25/08/2020 Argaam Exclusive

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Derayah REIT Fund posted a net profit of SAR 7.6 million (SAR 0.07/unit) for the first half of 2020, a 70% decline year-on-year (YoY), compared to SAR 25.4 million for the same period last year, according to a bourse filing by Derayah Financial, the fund manager, on Tuesday.

Funds from operations (FFO) reached SAR 34.8 million during the six-month period, compared to SAR 37.2 million in the year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	59.36	56.55	(4.7 %)
Funds from Operations(FFO)	37.23	37.40	0.5 %
Net Income	25.35	7.55	(70.2 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.35	0.35	0.5 %
EPS (Riyals)	0.24	0.07	(70.2 %)

The decline is driven by a 5% decrease in rental income and SAR 17.5 million provisions for decline in the value of real estate investments, despite low finance cost and lower other expenses.

Net asset value (NAV) stood at SAR 968.8 million, while the NAV per unit reached SAR 9.01 as of June 30, 2020.

The market value of assets reached SAR 990.8 million in H1 2020, while the per unit market value stood at SAR 9.22.

The number of issued units totaled 107 million, with a yield of 3.74%.

Total expenses and fees for the period stood at SAR 21.7 million.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	1,554.56	1,573.84	1.2 %
Total Debt	474.41	589.40	24.2 %
Net assets attributable to the Unitholders Item	1,046.76	968.76	(7.5 %)
Market value of net assets	1,041.87	990.80	(4.9 %)

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