Bonyan REIT posts SAR 64 mln FFO, SAR 43.6 mln net profit in H1 2023

13/08/2023 Argaam Exclusive

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Bonyan REIT Fund reported a net profit of SAR 43.6 million (SAR 0.27/unit) for the first half of 2023, down from SAR 70.6 million a year earlier, Saudi Fransi Capital, the fund manager, said in a bourse statement.

Funds from operations (FFO) reached SAR 64 million during the six-month period, a decline of 5% from SAR 67.5 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	121.47	135.08	11.2 %
Funds from Operations(FFO)	67.53	64.03	(5.2 %)
Net Income	70.59	43.59	(38.3 %)
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.41	0.39	(5.2 %)
EPS (Riyals)	0.43	0.27	(38.3 %)

The fund manager noted a year-on-year (YoY) increase in financing cost to SAR 13.6 million, from SAR 5.9 million. In addition, the value of investment properties decreased to SAR 3.3 million in H1 2023, compared to SAR 26.6 million in the previous period.

Meanwhile, rental income increased by 6.2% YoY.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,923.45	1,857.47	(3.4 %)
Total Debt	389.41	340.85	(12.5 %)
Net assets attributable to the Unitholders Item	1,407.69	1,370.78	(2.6 %)
Market value of net assets	1,753.12	1,797.67	2.5 %

Net asset value (NAV) stood at SAR 1.37 billion by the end of H1 2023, while net book value per unit reached SAR 8.42.

The market value of assets stood at SAR 1.79 billion as of June 30, 2023, with market value per unit at SAR 11.04.

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