Derayah REIT posts FFO of SAR 69.1 mln, net profit of SAR 45.6 mln in 2021

31/03/2022 Argaam Exclusive

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Derayah REIT Fund
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(0.10) (1.54 %)

Derayah REIT Fund (DERAYAH REIT)

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Derayah REIT Fund posted a rise in 2021 net profit of SAR 69.1 million (SAR 0.42 per unit), from SAR 14.9 million a year earlier.

 

Funds from operations (FFO) reached SAR 69.1 million in 2021, a drop of 10% from SAR 77.1 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 121.39 130.20 7.3 %
Funds from Operations(FFO) 77.11 69.14 (10.3 %)
Net Income 14.92 45.56 205.3 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.72 0.64 (10.3 %)
EPS (Riyals) 0.14 0.42 205.3 %

The profit growth was spurred by higher lease revenue, along with the reversal SAR 2.4 million impairment of real estate investments provision in 2021, compared to a provision of SAR 34.3 million a year earlier.



Interim Comparasion (M)

Compared With The
Item 2020 2021 Change‬
Rental Income 64.84 65.08 0.4 %
Funds from Operations(FFO) 39.71 23.14 (41.7 %)
Net Income 7.37 18.27 147.8 %
No of shares 107.51 107.51 -
Operating EPS (Riyals) 0.37 0.22 (41.7 %)
EPS (Riyals) 0.07 0.17 147.8 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,725.48 1,694.72 (1.8 %)
Total Debt 747.98 747.98 -
Net assets attributable to the Unitholders Item 944.53 910.11 (3.6 %)
Market value of net assets 961.54 910.75 (5.3 %)

Net asset value (NAV) stood at SAR 910.11 million in 2021, while net book value per unit reached SAR 8.47.

 

The full-year market value of assets stood at SAR 910.75 million, with market value per unit at SAR 8.47.

 

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