Bonyan REIT Fund’s net profit rose to SAR 70.6 million (SAR 0.43 per unit) in the first half of 2022, from SAR 26.2 million a year earlier.
Funds from operations (FFO) stood at SAR 67.5 million in the six-month period, up 15% from SAR 58.8 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 67.21 | 121.47 | 80.7 % |
| Funds from Operations(FFO) | 58.78 | 67.53 | 14.9 % |
| Net Income | 26.23 | 70.59 | 169.2 % |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.36 | 0.41 | 14.9 % |
| EPS (Riyals) | 0.16 | 0.43 | 169.2 % |
The profit increase was driven by a 16% year-on-year (YoY) rise in rental income. The fund cited a reversal of SAR 26.6 million provision for impairment of real estate investments, compared to SAR 9.6 million provision in H1 2021. This came despite a 63% increase in finance costs.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,916.43 | 1,923.45 | 0.4 % |
| Total Debt | 385.08 | 389.41 | 1.1 % |
| Net assets attributable to the Unitholders Item | 1,403.80 | 1,407.69 | 0.3 % |
| Market value of net assets | 1,623.74 | 1,753.12 | 8.0 % |
Net asset value (NAV) stood at SAR 1.407 billion by the end of H1 2022, while net book value per unit reached SAR 8.64.
The market value of assets stood at SAR 1.753 billion as of June 30, 2022, with market value per unit at SAR 10.8.
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