Al Rajhi REIT reports SAR 54 mln FFO, net loss at SAR 18 mln in H1 2020

13/08/2020 Argaam Exclusive

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Al Rajhi REIT Fund reported net losses of SAR 17.7 million (SAR 0.11/unit) for the first half of 2020, versus net profit of SAR 30.1 million in year-earlier period, Al Rajhi Capital, the fund manager said in a bourse statement.

Funds from operations (FFO) stood at SAR 54.1 million in H1 2020, compared to SAR 37.9 million in a year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	56.29	84.96	50.9 %
Funds from Operations(FFO)	37.92	54.13	42.8 %
Net Income	30.05	(17.66)	(158.8 %)
No of shares	122.21	161.86	32.4 %
Operating EPS (Riyals)	0.31	0.33	7.8 %
EPS (Riyals)	0.25	(0.11)	(144.4 %)

These losses were driven by higher administrative fees, higher other expenses, increased amortization of real estate investments and the allocation of provisions for property impairment during the six-month period.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	1,724.08	2,338.00	35.6 %
Total Debt	456.91	791.25	73.2 %
Net assets attributable to the Unitholders Item	1,242.51	1,526.79	22.9 %
Market value of net assets	1,242.96	1,580.26	27.1 %

Net asset value (NAV) stood at SAR 1.5 billion by the end of June 30, 2020, with a net book value per unit at SAR 9.43.

Net asset value as fair value stood at SAR 1.58 billion in H1 2020, with net asset value per unit as fair value at SAR 9.76.

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