Alkhabeer REIT Fund reported a net loss of SAR 17.5 mln (SAR -0.17/unit) for H1 2021, versus net profit of SAR 29.5 million a year earlier, Alkhabeer Capital, the fund manager, said in a bourse statement today, Aug. 18, 2021.
Funds from operations (FFO) reached SAR 31.1 million during the six-month period, compared to SAR 25.9 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 36.92 | 54.65 | 48.0 % |
| Funds from Operations(FFO) | 25.86 | 31.05 | 20.1 % |
| Net Income | 29.54 | (17.46) | (159.1 %) |
| No of shares | 66.44 | 102.97 | 55.0 % |
| Operating EPS (Riyals) | 0.39 | 0.30 | (22.5 %) |
| EPS (Riyals) | 0.44 | (0.17) | (138.1 %) |
These losses were driven by higher cost of financing, increased operating expenses, lower operating profit margins in addition to an asset impairment of 30.2 million.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 986.97 | 1,992.64 | 101.9 % |
| Total Debt | 364.31 | 762.37 | 109.3 % |
| Net assets attributable to the Unitholders Item | 588.00 | 812.96 | 38.3 % |
| Market value of net assets | 596.49 | 864.16 | 44.9 % |
Net asset value (NAV) stood at SAR 812.96 million, while the NAV per unit reached SAR 7.89 during the six-month period.
The market value of assets reached SAR 864.16 million, with per unit market value stood at SAR 8.39.
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