Swicorp Wabel REIT Fund posted net losses of SAR 138.11 million in H1 2020, compared to net earnings of SAR 30.73 million in year-earlier period, according to a bourse statement.

 

Funds from operations (FFO) reached SAR 18.53 million during the six-month period, down by 49% year-on-year (YoY).

 

Income Statement (SAR mln)
 

H1 2019

H1 2020

Change (%)

Rental Income*

52.09

33.10

36

Funds from operations (FFO)

36.29

18.53

49

Net profit

30.73

(138.11)

--

Number of units (mln)

118.00

118.00

--

Operating profit per unit (SAR)

0.31

0.16

49

Earnings per unit (SAR)

0.26

(1.17)

--

* Includes revenue of advertising and media contracts worth SAR 6 million for every period

 

These losses were mainly attributed to allocating asset impairment provisions at SAR 143.12 million, compared to written back impairment provisions at SAR 12.56 million in year-earlier period.

 

The fund’s financial results implied operating expenses of SAR 11.55 million and SAR 18.04 million in amortization fees.

 

Balance Sheet (SAR mln)
 

H1 2019

H1 2020

Change (%)

Assets

1151.88

1012.01

12

Liabilities

31.65

51.35

62

Net assets attributed to unit holders

1120.24

960.66

14

NAV per unit

9.49

8.14

14

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