Financial Results : Alkhabeer REIT incurs net loss of SAR 64 mln in 2019

Alkhabeer REIT incurs net loss of SAR 64 mln in 2019

29/04/2020 Argaam Exclusive

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Alkhabeer REIT Fund incurred net losses of SAR 64 million (SAR 0.97 per unit) in 2019.

 

Funds from operations (FFO) stood at SAR 23.8 million in the same period.



Financials (M)

Item 2018 2019 Change‬

The losses were attributed to SAR 67.27 million impairment of investment properties by the end of 2019.



Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets - 956.10 -
Total Debt - 364.83 -
Net assets attributable to the Unitholders Item - 571.75 -
Market value of net assets - 600.36 -

In H2 2019, the fund widened net losses to SAR 42.9 million, from SAR 21.5 million in H1 2019, as impairments of investment properties increased to SAR 61 million in H2 2019 despite a rise in rental income to SAR 43.2 million, from SAR 29 million in H1 2019.

 

FFO reached SAR 29.7 million, compared to losses of SAR 5.9 million in H1 2019.

Net asset value (NAV) hit SAR 571.75 million by the end of 2019, while net book value per unit reached SAR 8.61.

 

Moreover, Alkhabeer Capital, the fund manager, recommended reducing the value of an asset, which is partially leased, from SAR 298.66 million to SAR 240.70 million.

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