Derayah REIT posts FFO of SAR 69.1 mln, net profit of SAR 45.6 mln in 2021

31/03/2022 Argaam Exclusive

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Derayah REIT Fund posted a rise in 2021 net profit of SAR 69.1 million (SAR 0.42 per unit), from SAR 14.9 million a year earlier.

Funds from operations (FFO) reached SAR 69.1 million in 2021, a drop of 10% from SAR 77.1 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	121.39	130.20	7.3 %
Funds from Operations(FFO)	77.11	69.14	(10.3 %)
Net Income	14.92	45.56	205.3 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.72	0.64	(10.3 %)
EPS (Riyals)	0.14	0.42	205.3 %

The profit growth was spurred by higher lease revenue, along with the reversal SAR 2.4 million impairment of real estate investments provision in 2021, compared to a provision of SAR 34.3 million a year earlier.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	64.84	65.08	0.4 %
Funds from Operations(FFO)	39.71	23.14	(41.7 %)
Net Income	7.37	18.27	147.8 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.37	0.22	(41.7 %)
EPS (Riyals)	0.07	0.17	147.8 %

Item	H1 2021	H2 2021	Change‬
Rental Income	65.13	65.08	(0.1 %)
Funds from Operations(FFO)	45.99	23.14	(49.7 %)
Net Income	27.29	18.27	(33.1 %)
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.43	0.22	(49.7 %)
EPS (Riyals)	0.25	0.17	(33.1 %)

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	1,725.48	1,694.72	(1.8 %)
Total Debt	747.98	747.98	-
Net assets attributable to the Unitholders Item	944.53	910.11	(3.6 %)
Market value of net assets	961.54	910.75	(5.3 %)

Net asset value (NAV) stood at SAR 910.11 million in 2021, while net book value per unit reached SAR 8.47.

The full-year market value of assets stood at SAR 910.75 million, with market value per unit at SAR 8.47.

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