AI Summary
Swicorp Wabel REIT Fund posted a net profit of SAR 5.1 million (SAR 0.08 per unit) for the quarter ended March 31, 2020, down 29% from SAR 7.2 million profit for the same period last year.
Funds from operations (FFO) reached SAR 9.74 million during the first quarter of 2020, down 40% year-on-year from SAR 16.1 million in Q1 last year.
|
Income Statement (SAR mln) |
|
|
|
|
Item |
Q1 2019 |
Q1 2020 |
Change (%) |
|
Rental Income |
23.0 |
*15.7 |
31 |
|
Funds from operations (FFO) |
16.1 |
9.7 |
40 |
|
Net profit |
7.2 |
5.1 |
29 |
|
Number of units (mln) |
118.00 |
118.0 |
-- |
|
Operating profit per unit (SAR) |
0.06 |
0.04 |
29 |
|
Earnings per unit (SAR) |
0.14 |
0.08
|
40
|
* Includes revenue of advertising and media contracts worth SAR 3 million (Jan-Mar 2020)
The fund’s financial results implied depreciation expenses of SAR 9.18 million and SAR 4.5 million in doubtful debts provision.
|
Balance Sheet (SAR mln) |
|
|
|
|
Item |
March 2019 |
March 2020 |
Change (%) |
|
Assets |
1114.3 |
1191.3 |
+7 |
|
Liabilities |
16.8 |
34.8 |
+106 |
|
Net assets attributed to unit holders |
1097.4 |
1156.6 |
+5 |
|
NAV per unit |
9.30 |
9.8 |
+5 |
The fund secured SAR 1.4 billion in credit facility from NCB on June 26, 2019. However, no amount has been drawn down as of March 31, 2020.
Be the first to comment
Comments Analysis: