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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