Swicorp Wabel REIT Fund posted a net profit of SAR 5.1 million (SAR 0.08 per unit) for the quarter ended March 31, 2020, down 29% from SAR 7.2 million profit for the same period last year.

 

Funds from operations (FFO) reached SAR 9.74 million during the first quarter of 2020, down 40% year-on-year from SAR 16.1 million in Q1 last year.

 

Income Statement (SAR mln)

 

 

Item

Q1 2019

Q1 2020

Change (%)

Rental Income

23.0

*15.7

31

Funds from operations (FFO)

16.1

9.7

40

Net profit

7.2

5.1

29

Number of units (mln)

118.00

118.0

--

Operating profit per unit (SAR)

0.06

0.04

29

Earnings per unit (SAR)

0.14

0.08

 

40

 

 * Includes revenue of advertising and media contracts worth SAR 3 million (Jan-Mar 2020)

 

The fund’s financial results implied depreciation expenses of SAR 9.18 million and SAR 4.5 million in doubtful debts provision.

 

Balance Sheet (SAR mln)

 

 

Item

March 2019

March 2020

Change (%)

Assets

1114.3

1191.3

+7

Liabilities

16.8

34.8

+106

Net assets attributed to unit holders

1097.4

1156.6

+5

NAV per unit

9.30

9.8

+5

 

The fund secured SAR 1.4 billion in credit facility from NCB on June 26, 2019. However, no amount has been drawn down as of March 31, 2020.

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