Derayah REIT’s FFO down 18% to SAR 37.8 mln, net profit at SAR 27 mln in H1 2022

25/08/2022 Argaam Exclusive

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Derayah REIT Fund posted a net profit of SAR 27.31 million (SAR 0.25 per unit) in the first half of 2022, a slight increase from SAR 27.29 million a year earlier.

Funds from operations (FFO) stood at SAR 37.76 million in the six-month period, a drop of 18% from SAR 45.9 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	65.13	62.29	(4.4 %)
Funds from Operations(FFO)	45.99	37.76	(17.9 %)
Net Income	27.29	27.31	0.0 %
No of shares	107.51	107.51	-
Operating EPS (Riyals)	0.43	0.35	(17.9 %)
EPS (Riyals)	0.25	0.25	0.0 %

The profit increase was driven by recording a SAR 2.69 million reversal in provision for impairment in real estate investments against a provision of SAR 5.62 million for impairment in real estate investments.

The higher profit came despite an increase in finance costs and a 4% decline YoY in rental income.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	1,711.90	1,688.66	(1.4 %)
Total Debt	747.98	747.98	-
Net assets attributable to the Unitholders Item	930.54	898.71	(3.4 %)
Market value of net assets	932.87	898.91	(3.6 %)

Net asset value (NAV) stood at SAR 898.71 million by the end of H1 2022, while net book value per unit reached SAR 8.36.

The market value of assets stood at SAR 898.91 million as of June 30, 2022, with market value per unit at SAR 8.36.

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