Swicorp Wabel REIT posts SAR 21.1 mln FFO, SAR 151.1 mln net loss in 2020

31/03/2021 Argaam Exclusive

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Swicorp Wabel REIT Fund reported a net loss of SAR 151.05 million (SAR 1.28/unit) for 2020, against a net profit of SAR 59.3 million a year earlier.

Funds from operations (FFO) slumped 47% to SAR 21.09 million in 2020 from SAR 39.6 million in 2019.

The losses were attributed to recording an impairment of real estate investment provision of SAR 151.35 million, compared to a provision reversal a year earlier. A decline in other revenues also weighed on the fund’s full-year financials.

Financials (M)

Item	2019	2020	Change‬
Rental Income	103.69	54.17	(47.8 %)
Funds from Operations(FFO)	51.58	21.57	(58.2 %)
Net Income	59.29	(151.05)	(354.7 %)
No of shares	118.00	118.00	-
Operating EPS (Riyals)	0.44	0.18	(58.2 %)
EPS (Riyals)	0.50	(1.28)	(354.7 %)

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	48.37	21.07	(56.4 %)
Funds from Operations(FFO)	15.37	(0.10)	(100.6 %)
Net Income	32.95	(10.04)	(130.5 %)
No of shares	118.00	118.00	-
Operating EPS (Riyals)	0.13	0.00	(100.6 %)
EPS (Riyals)	0.28	(0.09)	(130.5 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	33.10	21.07	(36.3 %)
Funds from Operations(FFO)	21.66	(0.10)	(100.5 %)
Net Income	(141.01)	(10.04)	92.9 %
No of shares	118.00	118.00	-
Operating EPS (Riyals)	0.18	0.00	(100.5 %)
EPS (Riyals)	(1.19)	(0.09)	92.9 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,186.67	982.36	(17.2 %)
Total Debt	8.30	7.99	(3.7 %)
Net assets attributable to the Unitholders Item	1,149.51	947.72	(17.6 %)
Market value of net assets	1,164.18	947.72	(18.6 %)

Net asset value (NAV) stood at SAR 947.72 million, while the NAV per unit reached SAR 8.03 during the year.

The market value of assets reached SAR 947.72 million, with per unit market value stood at SAR 8.03.

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