Bonyan REIT posts SAR 58.8 mln FFO, SAR 26.2 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Bonyan REIT Fund reported a net profit of SAR 26.2 million (SAR 0.16/unit) for the first half of 2021, compared to SAR 7.4 million a year earlier, Saudi Fransi Capital, the fund manager, said in a bourse statement.

Funds from operations (FFO) reached SAR 58.8 million during the six-month period compared to SAR 29.6 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	68.35	107.17	56.8 %
Funds from Operations(FFO)	29.62	58.78	98.5 %
Net Income	7.39	26.22	255.1 %
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.18	0.36	98.5 %
EPS (Riyals)	0.05	0.16	255.1 %

The profit increase was driven by an 88% rise in rental income and lower depreciation expenses for real estate investments.

This came despite high financing costs and other expenses, and recording expenses of SAR 9.6 million for a decline in value of real estate investments.

Net asset value (NAV) stood at SAR 1.403 billion, while the NAV per unit reached SAR 8.62 during the six-month period.

The market value of assets reached SAR 1.623 billion, with per unit market value stood at SAR 9.97.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	1,749.57	1,916.43	9.5 %
Total Debt	149.85	385.08	157.0 %
Net assets attributable to the Unitholders Item	1,436.67	1,403.80	(2.3 %)
Market value of net assets	1,650.19	1,623.74	(1.6 %)

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