Bonyan REIT Fund reported a net profit of SAR 26.2 million (SAR 0.16/unit) for the first half of 2021, compared to SAR 7.4 million a year earlier, Saudi Fransi Capital, the fund manager, said in a bourse statement.
Funds from operations (FFO) reached SAR 58.8 million during the six-month period compared to SAR 29.6 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 35.84 | 67.21 | 87.5 % |
| Funds from Operations(FFO) | 29.62 | 58.78 | 98.5 % |
| Net Income | 7.39 | 26.23 | 255.1 % |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.18 | 0.36 | 98.5 % |
| EPS (Riyals) | 0.05 | 0.16 | 255.1 % |
The profit increase was driven by an 88% rise in rental income and lower depreciation expenses for real estate investments.
This came despite high financing costs and other expenses, and recording expenses of SAR 9.6 million for a decline in value of real estate investments.
Net asset value (NAV) stood at SAR 1.403 billion, while the NAV per unit reached SAR 8.62 during the six-month period.
The market value of assets reached SAR 1.623 billion, with per unit market value stood at SAR 9.97.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 1,749.57 | 1,916.43 | 9.5 % |
| Total Debt | 149.85 | 385.08 | 157.0 % |
| Net assets attributable to the Unitholders Item | 1,436.67 | 1,403.80 | (2.3 %) |
| Market value of net assets | 1,650.19 | 1,623.74 | (1.6 %) |
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