Al Maather REIT Fund reported a net loss of SAR 7.4 million (SAR -0.12/unit) for 2020, against a net profit of SAR 21.40 million a year earlier, Osool & Bakheet Investment, fund manager, said in a bourse filing.
Funds from operations (FFO) dropped 39% to SAR 24.9 million in 2020 from SAR 40.5 million in 2019.
The losses were attributed to expected credit loss expenses of SAR 11.4 million in 2020, compared to SAR 1 million a year earlier. The fund recorded real estate investment impairments of SAR 16.6 million, compared to SAR 3.7 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 53.29 | 51.27 | (3.8 %) |
| Funds from Operations(FFO) | 40.50 | 25.99 | (35.8 %) |
| Net Income | 21.40 | (7.37) | (134.4 %) |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.66 | 0.42 | (35.8 %) |
| EPS (Riyals) | 0.35 | (0.12) | (134.4 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 27.68 | 24.48 | (11.6 %) |
| Funds from Operations(FFO) | 19.65 | 15.83 | (19.5 %) |
| Net Income | 7.34 | (11.26) | (253.5 %) |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.32 | 0.26 | (19.5 %) |
| EPS (Riyals) | 0.12 | (0.18) | (253.5 %) |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 26.78 | 24.48 | (8.6 %) |
| Funds from Operations(FFO) | 10.16 | 15.83 | 55.7 % |
| Net Income | 3.90 | (11.26) | (389.0 %) |
| No of shares | 61.37 | 61.37 | - |
| Operating EPS (Riyals) | 0.17 | 0.26 | 55.7 % |
| EPS (Riyals) | 0.06 | (0.18) | (389.0 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 646.58 | 668.84 | 3.4 % |
| Total Debt | 28.06 | 90.68 | 223.2 % |
| Net assets attributable to the Unitholders Item | 594.82 | 549.41 | (7.6 %) |
| Market value of net assets | 602.71 | 544.47 | (9.7 %) |
Net asset value (NAV) stood at SAR 549.4 million, while the NAV per unit reached SAR 9 during the year.
The market value of assets reached SAR 544.4 million, with per unit market value stood at SAR 8.9.
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