Financial Results : Swicorp Wabel REIT posts FFO of SAR 6.2 mln, net loss of SAR 14.9 mln in 2021

Swicorp Wabel REIT posts FFO of SAR 6.2 mln, net loss of SAR 14.9 mln in 2021

31/03/2022 Argaam Exclusive

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Swicopr Wabel REIT Fund cut its 2021 net loss of SAR 14.9 million, from SAR 151.1 million a year earlier. 

  

Funds from operations (FFO) amounted to SAR 6.2 million in 2021, down 71% from SAR 21.6 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 54.17 59.05 9.0 %
Funds from Operations(FFO) 21.57 6.18 (71.3 %)
Net Income (151.05) (14.86) 90.2 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.18 0.05 (71.3 %)
EPS (Riyals) (1.28) (0.13) 90.2 %

The lower losses were attributed to a 9% year-on-year (YoY) rise in leasing revenue. The fund also recorded a reversal of real estate investment provision of SAR 10 million in 2021, compared to a provision of SAR 151 million a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 21.07 30.83 46.3 %
Funds from Operations(FFO) (0.10) (9.69) (9,782.7 %)
Net Income (10.04) (6.75) 32.8 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.00 (0.08) (9,782.7 %)
EPS (Riyals) (0.09) (0.06) 32.8 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 982.36 946.68 (3.6 %)
Total Debt 7.99 7.67 (4.0 %)
Net assets attributable to the Unitholders Item 947.72 932.86 (1.6 %)
Market value of net assets 947.72 932.86 (1.6 %)

Net asset value (NAV) in 2021 stood at SAR 932.89 million, while net book value per unit reached SAR 7.91.

 

The full-year market value of assets stood at SAR 932.89 million, with market value per unit at SAR 7.91.

 

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