MEFIC REIT Fund reported a net profit of SAR 28 million (SAR 0.38 per unit) for the fiscal year 2019, a 33% year-on-year (YoY) increase, compared to SAR 21.1 million a year earlier.
The fund reported a net operating income of SAR 52.7 million in FY2019 compared to SAR 12.1 million a year earlier.
The fund attributed the increase in net profit to higher rental income amounting to SAR 95.8 million during FY2019 from SAR 23.5 million in FY2018.
Elsewhere, MEFIC REIT Fund reported a net profit of SAR 19.4 million in the second half of 2019 compared to a net profit of SAR 8.6 million in H1 2019, on higher rental income.
Income from operations in H2 2019 reached SAR 22.4 million, 26% lower to H1 2019 net profit of SAR 30.4 million.
Net Asset Value (NAV) as of Dec. 31, 2019 stood at SAR 754.3 million while net book value per unit reached SAR 10.29.
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