Bonyan REIT posts FFO of SAR 112.3 mln, net profit of SAR 65.4 mln in 2021

31/03/2022 Argaam Exclusive

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Bonyan REIT Fund posted a net profit of SAR 65.4 million (SAR 0.40 per unit) in 2021, a rise of 44% from SAR 45.4 million a year earlier.

Funds from operations (FFO) reached SAR 112.3 million in 2021, a rise of 35% from SAR 83.5 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	171.49	219.48	28.0 %
Funds from Operations(FFO)	83.49	112.34	34.5 %
Net Income	45.41	65.40	44.0 %
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.51	0.69	34.5 %
EPS (Riyals)	0.28	0.40	44.0 %

The net profit was fueled by higher income from real estate investments.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	103.14	112.31	8.9 %
Funds from Operations(FFO)	53.88	53.57	(0.6 %)
Net Income	38.03	39.18	3.0 %
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.33	0.33	(0.6 %)
EPS (Riyals)	0.23	0.24	3.0 %

Item	H1 2021	H2 2021	Change‬
Rental Income	107.17	112.31	4.8 %
Funds from Operations(FFO)	58.78	53.57	(8.9 %)
Net Income	26.22	39.18	49.4 %
No of shares	162.88	162.88	0.0 %
Operating EPS (Riyals)	0.36	0.33	(8.9 %)
EPS (Riyals)	0.16	0.24	49.4 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	1,741.81	1,890.78	8.6 %
Total Debt	190.43	381.87	100.5 %
Net assets attributable to the Unitholders Item	1,429.70	1,390.85	(2.7 %)
Market value of net assets	1,631.37	1,661.32	1.8 %

Net asset value (NAV) stood at SAR 1.390 billion in 2021, while net book value per unit reached SAR 8.54.

The full-year market value of assets stood at SAR 1.657 billion, with market value per unit at SAR 10.18.

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