Swicorp Wabel REIT posts SAR 15.6 mln FFO, SAR 8.1 mln net loss in H1 2021
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Swicorp Wabel REIT Fund reported a net loss of SAR 8.1 million (SAR -0.7 per unit) for the first six months of 2021, from a loss of SAR 141 million in the similar period last year, fund manager, Swicorp Co., said in a bourse statement.
Funds from operations (FFO) stood at SAR 15.6 million in H1 2021, compared to SAR 15.7 million in H1 2020.
Funds from Operations(FFO)
No of shares
Operating EPS (Riyals)
The decline in losses is attributed to higher rental revenue, lower real estate investment depreciation and lower Zakat expense, in addition to realizing impairment loss on real estate investment value during the similar period last year.
This was despite the increase in financing charges.
Net asset value (NAV) stood at SAR 939.61 million (SAR 7.96/unit) by the end of June 30, 2021.