Al Rajhi REIT Fund reported a net loss of SAR 175.1 million in 2021 from a net profit of SAR 12.5 million in 2020, fund manager Al Rajhi Capital said in a bourse statement.
Funds from operations (FFO) stood at SAR 80.1 million in 2021, from SAR 105.1 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 168.86 | 130.28 | (22.8 %) |
| Funds from Operations(FFO) | 105.06 | 75.49 | (28.1 %) |
| Net Income | 12.45 | (175.08) | (1506.0 %) |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.65 | 0.47 | (28.1 %) |
| EPS (Riyals) | 0.08 | (1.08) | (1506.0 %) |
The losses were attributed to lower rental revenue and higher provision of impairment on investment properties.
This came despite the decrease in administrative fees and financing charges, as well as the increase in other revenue.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 83.90 | 47.95 | (42.8 %) |
| Funds from Operations(FFO) | 50.92 | 29.92 | (41.3 %) |
| Net Income | 30.11 | (15.82) | (152.5 %) |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.31 | 0.18 | (41.3 %) |
| EPS (Riyals) | 0.19 | (0.10) | (152.5 %) |
| Item | 2021 | 2021 | Change |
|---|---|---|---|
| Rental Income | 82.33 | 47.95 | (41.8 %) |
| Funds from Operations(FFO) | 45.57 | 29.92 | (34.3 %) |
| Net Income | (159.26) | (15.82) | 90.1 % |
| No of shares | 161.86 | 161.86 | - |
| Operating EPS (Riyals) | 0.28 | 0.18 | (34.3 %) |
| EPS (Riyals) | (0.98) | (0.10) | 90.1 % |
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 2,322.01 | 2,061.50 | (11.2 %) |
| Total Debt | 791.26 | 791.26 | - |
| Net assets attributable to the Unitholders Item | 1,511.58 | 1,245.86 | (17.6 %) |
| Market value of net assets | 1,577.51 | 1,297.21 | (17.8 %) |
Net asset value (NAV) stood at SAR 1.245 billion (SAR 7.7 per unit) at the end of 2021.
The market value of assets stood at SAR 1.297 billion in 2021, with market value per unit as fair value at SAR 8.01.
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