Bonyan REIT Fund posts SAR 83.5 mln FFO, SAR 45.41 mln net profit in 2020

30/03/2021 Argaam Exclusive

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Bonyan REIT Fund reported a net profit of SAR 45.4 million (SAR 0.28/unit) for 2020, a fall of 49% from SAR 88.5 million a year earlier, Saudi Fransi Capital, fund manager, said in a bourse filing.

Funds from operations (FFO) dropped 24% to SAR 83.49 million in 2020 from SAR 110.3 million in 2019.

The decline was attributed to an increase of SAR 3.49 million in finance costs, lower revenue and the reversal of real estate investment impairment losses.

Financials (M)

Item	2019	2020	Change‬
Rental Income	212.99	171.49	(19.5 %)
Funds from Operations(FFO)	110.31	83.49	(24.3 %)
Net Income	88.46	45.41	(48.7 %)
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.68	0.51	(24.3 %)
EPS (Riyals)	0.54	0.28	(48.7 %)

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	109.89	103.14	(6.1 %)
Funds from Operations(FFO)	55.10	53.88	(2.2 %)
Net Income	56.13	38.03	(32.2 %)
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.34	0.33	(2.2 %)
EPS (Riyals)	0.34	0.23	(32.2 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	68.35	103.14	50.9 %
Funds from Operations(FFO)	29.62	53.88	81.9 %
Net Income	7.39	38.03	414.9 %
No of shares	162.88	162.88	0.0 %
Operating EPS (Riyals)	0.18	0.33	81.9 %
EPS (Riyals)	0.05	0.23	414.9 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,752.49	1,741.81	(0.6 %)
Total Debt	-	190.43	-
Net assets attributable to the Unitholders Item	1,449.29	1,429.70	(1.4 %)
Market value of net assets	1,652.71	1,631.37	(1.3 %)

Net asset value (NAV) stood at SAR 1.429 billion, while the NAV per unit reached SAR 8.78 during the year.

The market value of assets reached SAR 1.631 billion, with per unit market value stood at SAR 10.02.

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