Al Rajhi REIT reports SAR 105.1 mln FFO, SAR 12.5 mln net profit in 2020

22/03/2021 Argaam Exclusive

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Al Rajhi REIT Fund reported a 78% slump in 2020 net profit to SAR 12.5 million (SAR 0.08/unit) from SAR 56.10 million a year earlier, Al Rajhi Capital, the fund manager said in a bourse statement.

Funds from operations (FFO) stood at SAR 105.1 million in 2020, compared to SAR 82.74 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Rental Income	115.93	168.86	45.6 %
Funds from Operations(FFO)	72.74	105.06	44.4 %
Net Income	56.10	12.45	(77.8 %)
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.45	0.65	44.4 %
EPS (Riyals)	0.35	0.08	(77.8 %)

These profit drop was attributed to SAR 64.9 million impairment on investment properties, a 48% rise year-on-year (YoY) in operating expenses and a 63% increase YoY in real estate investment depreciation.

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	59.64	83.90	40.7 %
Funds from Operations(FFO)	34.82	50.92	46.2 %
Net Income	26.06	30.11	15.5 %
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.22	0.31	46.2 %
EPS (Riyals)	0.16	0.19	15.5 %

Item	H1 2020	H2 2020	Change‬
Rental Income	84.96	83.90	(1.3 %)
Funds from Operations(FFO)	54.13	50.92	(5.9 %)
Net Income	(17.66)	30.11	270.5 %
No of shares	161.86	161.86	-
Operating EPS (Riyals)	0.33	0.31	(5.9 %)
EPS (Riyals)	(0.11)	0.19	270.5 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	2,386.20	2,322.01	(2.7 %)
Total Debt	791.25	791.26	0.0 %
Net assets attributable to the Unitholders Item	1,578.44	1,511.58	(4.2 %)
Market value of net assets	1,603.66	1,577.51	(1.6 %)

Net asset value (NAV) stood at SAR 1.511 billion by the end of 2020, with a net book value per unit at SAR 9.3.

Net asset value at fair value stood at SAR 1.578 billion in 2020, with net asset value per unit at fair value reached SAR 9.75.

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