Alkhabeer REIT Fund swung to a net profit of SAR 1.1 million (SAR 0.01/unit) for 2020, from a net loss of SAR 64.4 million a year earlier.
Funds from operations (FFO) rose 11.2% to SAR 26.5 million in 2020 from SAR 23.8 million in 2019.
The full-year financials were driven by a 22% increase year-on-year (YoY) in rental income. The fund reported a reversal of real estate investments impairment provision of SAR 1.9 million in 2020, compared to an impairment provision of SAR 67.2 million a year earlier.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 72.18 | 88.23 | 22.2 % |
| Funds from Operations(FFO) | 23.82 | 26.49 | 11.2 % |
| Net Income | (64.37) | 1.13 | 101.8 % |
| No of shares | 66.44 | 102.97 | 55.0 % |
| Operating EPS (Riyals) | 0.36 | 0.26 | (28.2 %) |
| EPS (Riyals) | (0.97) | 0.01 | 101.1 % |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 43.15 | 51.32 | 18.9 % |
| Funds from Operations(FFO) | 29.74 | 0.63 | (97.9 %) |
| Net Income | (42.90) | (28.41) | 33.8 % |
| No of shares | 66.44 | 102.97 | 55.0 % |
| Operating EPS (Riyals) | 0.45 | 0.01 | (98.6 %) |
| EPS (Riyals) | (0.65) | (0.28) | 57.3 % |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 36.92 | 51.32 | 39.0 % |
| Funds from Operations(FFO) | 25.86 | 0.63 | (97.6 %) |
| Net Income | 29.54 | (28.41) | (196.2 %) |
| No of shares | 66.44 | 102.97 | 55.0 % |
| Operating EPS (Riyals) | 0.39 | 0.01 | (98.4 %) |
| EPS (Riyals) | 0.44 | (0.28) | (162.1 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 956.10 | 1,678.20 | 75.5 % |
| Total Debt | 364.83 | 763.16 | 109.2 % |
| Net assets attributable to the Unitholders Item | 571.75 | 856.15 | 49.7 % |
| Market value of net assets | 600.36 | 896.80 | 49.4 % |
Net asset value (NAV) stood at SAR 856.2 million, while the NAV per unit reached SAR 8.3 during the year.
The market value of assets reached SAR 896.8 million, with per unit market value stood at SAR 8.7.
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