Jadwa REIT Saudi posts SAR 46.1 mln FFO, SAR 27 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Jadwa REIT Saudi Fund reported net profit of SAR 27 mln (SAR 0.17/unit) for H1 2021, a decline of 24% year-on-year (YoY), Jadwa Investment, the fund manager, said in a bourse statement today, Aug. 19, 2021.

Funds from operations (FFO) reached SAR 46.1 million during the six-month period, compared to SAR 54.9 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	66.64	71.23	6.9 %
Funds from Operations(FFO)	54.91	53.44	(2.7 %)
Net Income	35.67	27.04	(24.2 %)
No of shares	158.00	158.00	-
Operating EPS (Riyals)	0.35	0.34	(2.7 %)
EPS (Riyals)	0.23	0.17	(24.2 %)

The profit drop was driven by higher expenses and increased cost of finance.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	1,655.50	2,186.50	32.1 %
Total Debt	123.12	603.12	389.9 %
Net assets attributable to the Unitholders Item	1,514.91	1,543.45	1.9 %
Market value of net assets	1,766.46	1,761.11	(0.3 %)

Net asset value (NAV) stood at SAR 1.54 billion, while the NAV per unit reached SAR 9.77 during the six-month period.

The market value of assets reached SAR 1.76 billion, with per unit market value stood at SAR 11.15.

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