Jadwa REIT Saudi Fund reported net profit of SAR 27 mln (SAR 0.17/unit) for H1 2021, a decline of 24% year-on-year (YoY), Jadwa Investment, the fund manager, said in a bourse statement today, Aug. 19, 2021.
Funds from operations (FFO) reached SAR 46.1 million during the six-month period, compared to SAR 54.9 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 66.64 | 71.23 | 6.9 % |
| Funds from Operations(FFO) | 54.91 | 53.44 | (2.7 %) |
| Net Income | 35.67 | 27.04 | (24.2 %) |
| No of shares | 158.00 | 158.00 | - |
| Operating EPS (Riyals) | 0.35 | 0.34 | (2.7 %) |
| EPS (Riyals) | 0.23 | 0.17 | (24.2 %) |
The profit drop was driven by higher expenses and increased cost of finance.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 1,655.50 | 2,186.50 | 32.1 % |
| Total Debt | 123.12 | 603.12 | 389.9 % |
| Net assets attributable to the Unitholders Item | 1,514.91 | 1,543.45 | 1.9 % |
| Market value of net assets | 1,766.46 | 1,761.11 | (0.3 %) |
Net asset value (NAV) stood at SAR 1.54 billion, while the NAV per unit reached SAR 9.77 during the six-month period.
The market value of assets reached SAR 1.76 billion, with per unit market value stood at SAR 11.15.
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