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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