AlJazira REIT Fund posts FFO of SAR 3.3 mln, net profit of SAR 4.3 mln in 2021

31/03/2022 Argaam Exclusive

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AlJazira REIT Fund posted a net profit of SAR 4.3 million (SAR 0.36 per unit) for 2021, against losses of SAR 23.9 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 3.3 million in 2021, against losses of SAR 1.3 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 6.07 5.24 (13.8 %)
Funds from Operations(FFO) (1.25) 3.33 366.3 %
Net Income (23.90) 4.29 118.0 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) (0.11) 0.28 366.3 %
EPS (Riyals) (2.03) 0.36 118.0 %

The profit was attributed to recording SAR 5.3 million credit loss expenses in 2020, and reversing impairment for real estate investments at a value of SAR 1.9 million in 2021, compared to recording SAR 22 million impairment in the same period a year ago.

 

The profit was offset by higher depreciation of real estate investments and lower lease revenues.



Interim Comparasion (M)

Compared With The
Item 2020 2021 Change‬
Rental Income 2.97 2.71 (8.8 %)
Funds from Operations(FFO) 0.77 1.47 89.9 %
Net Income (18.61) 1.69 109.1 %
No of shares 11.80 11.80 -
Operating EPS (Riyals) 0.07 0.12 89.9 %
EPS (Riyals) (1.58) 0.14 109.1 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 84.44 85.22 0.9 %
Total Debt - - -
Net assets attributable to the Unitholders Item 82.23 82.53 0.4 %
Market value of net assets 82.23 82.53 0.4 %

 

Net asset value (NAV) in 2021 stood at SAR 82.534 million, while net book value per unit reached SAR 6.99.

 

The full-year market value of assets stood at SAR 82.534 million, with market value per unit at SAR 6.99.

 

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