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Swicorp Wabel REIT posts SAR 18.53 mln FFO, SAR 138.11 mln net loss in H1 2020
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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