Alkhabeer REIT Fund reports SAR 25.9 mln FFO, net profit of SAR 29.5 mln in H1 2020

18/08/2020 Argaam Exclusive

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Alkhabeer REIT Fund reported a net profit of SAR 29.5 million (SAR 0.44/unit) for the first half of 2020, versus net loss of SAR 21.5 million in a year-earlier period, according to a bourse filing by fund manager, Alkhabeer Capital.

Funds from operations (FFO) stood at SAR 25.9 million in H1 2020, versus net loss of SAR 5.9 million in prior-year period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	29.03	36.92	27.1 %
Funds from Operations(FFO)	(5.92)	25.86	537.2 %
Net Income	(21.47)	29.54	237.6 %
No of shares	66.44	66.44	-
Operating EPS (Riyals)	(0.09)	0.39	537.2 %
EPS (Riyals)	(0.32)	0.44	237.6 %

This profit was driven by higher rents revenue, lower operating expenses and writing back provisions for an asset impairment of SAR 15 million.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	995.99	986.97	(0.9 %)
Total Debt	346.92	364.31	5.0 %
Net assets attributable to the Unitholders Item	642.95	588.00	(8.5 %)
Market value of net assets	680.62	596.49	(12.4 %)

Net asset value (NAV) stood at SAR 588 million, while the NAV per unit reached SAR 8.85 during the six-month period.

The market value of assets reached SAR 596.49 million in H1 2020, while the per unit market value stood at SAR 8.98.

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