Alkhabeer REIT posts SAR 31.1 mln FFO, SAR 17.5 mln net loss in H1 2021

18/08/2021 Argaam Exclusive

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Alkhabeer REIT Fund reported a net loss of SAR 17.5 mln (SAR -0.17/unit) for H1 2021, versus net profit of SAR 29.5 million a year earlier, Alkhabeer Capital, the fund manager, said in a bourse statement today, Aug. 18, 2021.

Funds from operations (FFO) reached SAR 31.1 million during the six-month period, compared to SAR 25.9 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	36.92	54.65	48.0 %
Funds from Operations(FFO)	25.86	31.05	20.1 %
Net Income	29.54	(17.46)	(159.1 %)
No of shares	66.44	102.97	55.0 %
Operating EPS (Riyals)	0.39	0.30	(22.5 %)
EPS (Riyals)	0.44	(0.17)	(138.1 %)

These losses were driven by higher cost of financing, increased operating expenses, lower operating profit margins in addition to an asset impairment of 30.2 million.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	986.97	1,992.64	101.9 %
Total Debt	364.31	762.37	109.3 %
Net assets attributable to the Unitholders Item	588.00	812.96	38.3 %
Market value of net assets	596.49	864.16	44.9 %

Net asset value (NAV) stood at SAR 812.96 million, while the NAV per unit reached SAR 7.89 during the six-month period.

The market value of assets reached SAR 864.16 million, with per unit market value stood at SAR 8.39.

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