Derayah REIT posts SAR 46 mln FFO, SAR 27.3 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Derayah REIT Fund posted a net profit of SAR 27.3 million (SAR 0.25/unit) for the first half of 2021, compared to a net profit of SAR 7.6 million a year earlier, according to a bourse filing by Derayah Financial, the fund manager.

Funds from operations (FFO) reached SAR 46 million during the six-month period, compared to SAR 37.4 million in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	56.55	65.13	15.2 %
Funds from Operations(FFO)	37.40	45.99	23.0 %
Net Income	7.55	27.29	261.4 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.35	0.43	23.0 %
EPS (Riyals)	0.07	0.25	261.4 %

The profit rise was attributed to a 15% growth year-on-year (YoY) in the fund’s rental income and impairment in investment properties.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	1,573.84	1,711.90	8.8 %
Total Debt	589.40	747.98	26.9 %
Net assets attributable to the Unitholders Item	968.76	930.54	(3.9 %)
Market value of net assets	990.80	932.87	(5.8 %)

Net asset value attributable to the unitholders by the end of the period reached SAR 930.54 million, while the asset book value attributable to the unit stood at SAR 8.66.

Net asset value (NAV) reached SAR 932.87 million in H1 2021, while the asset value attributable to the unit stood at SAR 8.68.

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