Bonyan REIT posts SAR 65.2M FFO, SAR 57.1M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Bonyan REIT Fund posted a net profit rise of 31% to SAR 57.1 million (SAR 0.35 per unit) in H1 2024, from SAR 43.6 million (SAR 0.27 per unit) in the corresponding period of 2023.

Funds from operations (FFO) grew 2% to nearly SAR 65.2 million in the six-month period, from SAR 64 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	135.08	131.29	(2.8 %)
Funds from Operations(FFO)	64.03	65.21	1.8 %
Net Income	43.59	57.08	31.0 %
No of shares	162.88	162.88	-
Operating EPS (Riyals)	0.39	0.40	1.8 %
EPS (Riyals)	0.27	0.35	31.0 %

Operating expenses decreased by 8% to SAR 47.8 million in H1 2024, from SAR 52.1 million in the prior-year period.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,857.47	2,006.02	8.0 %
Total Debt	340.85	498.33	46.2 %
Net assets attributable to the Unitholders Item	1,370.78	1,387.67	1.2 %
Market value of net assets	1,797.67	2,065.02	14.9 %

Net asset value (NAV) stood at SAR 1.37 billion as of June 30, 2024, while the net book value per unit reached SAR 8.52.

The market value of assets stood at SAR 2.06 billion by the end of the six-month period, with a market value per unit of SAR 12.68.

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