Alkhabeer REIT Fund reported a net profit of SAR 29.5 million (SAR 0.44/unit) for the first half of 2020, versus net loss of SAR 21.5 million in a year-earlier period, according to a bourse filing by fund manager, Alkhabeer Capital.
Funds from operations (FFO) stood at SAR 25.9 million in H1 2020, versus net loss of SAR 5.9 million in prior-year period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 29.03 | 36.92 | 27.1 % |
| Funds from Operations(FFO) | (5.92) | 25.86 | 537.2 % |
| Net Income | (21.47) | 29.54 | 237.6 % |
| No of shares | 66.44 | 66.44 | - |
| Operating EPS (Riyals) | (0.09) | 0.39 | 537.2 % |
| EPS (Riyals) | (0.32) | 0.44 | 237.6 % |
This profit was driven by higher rents revenue, lower operating expenses and writing back provisions for an asset impairment of SAR 15 million.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 995.99 | 986.97 | (0.9 %) |
| Total Debt | 346.92 | 364.31 | 5.0 % |
| Net assets attributable to the Unitholders Item | 642.95 | 588.00 | (8.5 %) |
| Market value of net assets | 680.62 | 596.49 | (12.4 %) |
Net asset value (NAV) stood at SAR 588 million, while the NAV per unit reached SAR 8.85 during the six-month period.
The market value of assets reached SAR 596.49 million in H1 2020, while the per unit market value stood at SAR 8.98.
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