AlJazira REIT Fund reported a net loss of SAR 23.9 million (SAR 2 per unit) for 2020, compared with SAR 240,000 a year earlier, fund manager AlJazira Capital said in a bourse filing today, March 31, 2021.
Funds from operations (FFO) stood at SAR 1.3 million in 2020, compared to SAR 3.6 million a year earlier.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 5.17 | 6.07 | 17.4 % |
| Funds from Operations(FFO) | 3.59 | (1.25) | (134.8 %) |
| Net Income | (0.24) | (23.90) | (10,025.4 %) |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | 0.30 | (0.11) | (134.8 %) |
| EPS (Riyals) | (0.02) | (2.03) | (10,025.4 %) |
The loss is attributed to credit loss expenses of SAR 5.2 million as well as higher other expenses and rise in provision for impairment in real estate investments. However, lease revenues increased by 17%.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 2.72 | 2.97 | 9.3 % |
| Funds from Operations(FFO) | 1.91 | 0.77 | (59.5 %) |
| Net Income | 2.60 | (18.61) | (816.6 %) |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | 0.16 | 0.07 | (59.5 %) |
| EPS (Riyals) | 0.22 | (1.58) | (816.6 %) |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 3.10 | 2.97 | (4.1 %) |
| Funds from Operations(FFO) | (2.03) | 0.77 | 138.2 % |
| Net Income | (5.29) | (18.61) | (252.1 %) |
| No of shares | 11.80 | 11.80 | - |
| Operating EPS (Riyals) | (0.17) | 0.07 | 138.2 % |
| EPS (Riyals) | (0.45) | (1.58) | (252.1 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 111.85 | 84.44 | (24.5 %) |
| Total Debt | - | - | - |
| Net assets attributable to the Unitholders Item | 109.67 | 82.23 | (25.0 %) |
| Market value of net assets | 100.61 | 82.23 | (18.3 %) |
Net asset value (NAV) stood at SAR 82.2 million, while the NAV per unit reached SAR 6.97 in 2020.
The market value of assets amounted to SAR 83.4 million in 2020.
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