Jadwa REIT Saudi posts SAR 112.3 mln FFO, SAR 154.1 mln net profit in 2020

31/03/2021 Argaam Exclusive

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Jadwa REIT Saudi Fund rose to a net profit of SAR 154.1 million (SAR 0.98/unit) for 2020, from a net profit of SAR 76.7 million a year earlier.

Funds from operations (FFO) fell 1% to SAR 112.3 million in 2020 from SAR 113.5 million in 2019.

The increase in profit was attributed to higher revenue despite the rise in financing cost.

Financials (M)

Item	2019	2020	Change‬
Rental Income	133.73	136.63	2.2 %
Funds from Operations(FFO)	113.52	112.29	(1.1 %)
Net Income	76.65	154.09	101.0 %
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.72	0.71	(1.1 %)
EPS (Riyals)	0.49	0.98	101.0 %

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	68.18	69.99	2.7 %
Funds from Operations(FFO)	58.17	57.38	(1.4 %)
Net Income	39.42	118.42	200.4 %
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.37	0.36	(1.4 %)
EPS (Riyals)	0.25	0.75	200.4 %

Item	H1 2020	H2 2020	Change‬
Rental Income	66.64	69.99	5.0 %
Funds from Operations(FFO)	54.91	57.38	4.5 %
Net Income	35.67	118.42	231.9 %
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.35	0.36	4.5 %
EPS (Riyals)	0.23	0.75	231.9 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,680.99	2,161.63	28.6 %
Total Debt	127.77	573.12	348.6 %
Net assets attributable to the Unitholders Item	1,537.70	1,576.45	2.5 %
Market value of net assets	1,765.57	1,850.01	4.8 %

Net asset value (NAV) stood at SAR 1.57645 billion, while the NAV per unit reached SAR 9.98 during the year.

The market value of assets reached SAR 1.85 billion, with per unit market value stood at SAR 11.71.

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