Bonyan REIT Fund posts SAR 29.6 mln FFO, SAR 7.4 mln net profit in H1 2020

25/08/2020 Argaam Exclusive

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Bonyan REIT Fund reported a net profit of SAR 7.4 million (SAR 0.5/unit) during the first half of 2020, compared to SAR 32.3 million in the year-earlier period, Saudi Fransi Capital, fund manager, said in a bourse filing on Tuesday.

Funds from operations (FFO) stood at SAR 29.6 million in H1 2020, compared to SAR 55.2 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	103.10	68.35	(33.7 %)
Funds from Operations(FFO)	55.21	29.62	(46.4 %)
Net Income	32.33	7.39	(77.2 %)
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.34	0.18	(46.4 %)
EPS (Riyals)	0.20	0.05	(77.2 %)

The decline is driven by 40% decrease in income from real estate investments, as well as higher finance cost and other expenses.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	1,753.30	1,749.57	(0.2 %)
Total Debt	-	149.85	-
Net assets attributable to the Unitholders Item	1,453.01	1,436.67	(1.1 %)
Market value of net assets	1,598.19	1,650.19	3.3 %

Net asset value (NAV) stood at SAR 1.436 billion, while the NAV per unit reached SAR 8.82 during the six months.

The market value of assets reached SAAR 1.65 billion, with per unit market value stood at SAR 10.13.

The number of issued units totaled 162.8 million, with a yield of 1.06%.

Total expenses and fees for the period stood at SAR 30.5 million.

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