Jadwa REIT Saudi makes SAR 27.8 mln FFO, SAR 41.5 mln net profit in H1 2023

14/08/2023 Argaam Exclusive

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Jadwa REIT Saudi Fund reported a net profit of SAR 41.5 million (SAR 0.22 per unit) for H1 2023, a decline of 9% from SAR 45.6 million.

Funds from operations (FFO) reached nearly SAR 27.8 million in H1 2023, down about 54% from SAR 60.4 million in the same period a year ago.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	82.22	67.71	(17.6 %)
Funds from Operations(FFO)	60.38	27.81	(53.9 %)
Net Income	45.63	41.48	(9.1 %)
No of shares	186.51	186.51	-
Operating EPS (Riyals)	0.32	0.15	(53.9 %)
EPS (Riyals)	0.24	0.22	(9.1 %)

The profit drop was due to lower rental income from investment properties, coupled with higher loss from financial assets at fair value through profit or loss (FTVPL).

This is in addition to recording SAR 7.6 million provision for expected credit losses, compared with nothing in the year before, alongside an increase in general and administrative expenses.

However, the fund’s cash dividends increased to SAR 40.5 million in the current period, compared to SAR 13.5 million in H1 2023. Besides, the provision for impairment in investment properties contracted to SAR 2.3 million in H1 2023, from SAR 5.3 million a year ago.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	2,440.26	2,215.60	(9.2 %)
Total Debt	599.60	452.85	(24.5 %)
Net assets attributable to the Unitholders Item	1,822.08	1,746.37	(4.2 %)
Market value of net assets	2,078.99	1,999.83	(3.8 %)

Net asset value (NAV) stood at SAR 1.74 billion as of June 30, 2023, while the net book value per unit reached SAR 9.36.

The market value of assets stood at SAR 1.99 billion by the end of H1 2023, with a market value per unit of SAR 10.72.

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