Al Mashaar REIT Fund incurred a net loss of SAR 40.1 mln (SAR -0.70/unit) for Q4 2020 against a net profit of SAR 6.2 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement on Wednesday.
Losses from funds from operations (FFO) reached SAR 2.1 million during the three-month period, compared to a net profit of SAR 7.8 million in Q4 2019.
|
Income Statement (SAR mln) |
||
|
Item |
Q4 2019 |
Q4 2020 |
|
Rental Income |
9.7 |
-- |
|
Operating expenses |
(2.0) |
(0.3) |
|
Funds from Operations (FFO) |
7.8 |
(2.05) |
|
Net profit |
6.2 |
(40.1) |
|
Number of units (mln) |
57.2 |
57.2 |
|
FFO per unit (SAR) |
0.14 |
(0.04) |
|
Earnings per unit (SAR) |
0.11 |
(0.70) |
*No rental income for Q4 2020
The weak performance was attributed to reporting zero rental income in Q4 2020, as the fund did not collect any rental income as of March-end 2020, due to the COVID-19 pandemic outbreak.
The fourth-quarter figures included losses from reassessment of real estate investments worth SAR 38.1 million in Q4 2020, compared to null in year-earlier period.
Moreover, asset depreciation costs remained unchanged at SAR 1.7 million, when compared to Q4 2019. Operating expenses stood at SAR 317,000, down from SAR 2 million in Q4 2019.
|
Balance Sheet (SAR mln) |
|||
|
Item |
Dec. 2019 |
Dec. 2020 |
Variation (%) |
|
Total Assets |
578.7 |
500.0 |
(14%) |
|
Liabilities |
1.8 |
0.4 |
79%+ |
|
NAV for Unit Holders |
576.8 |
499.7 |
(13%) |
|
NAV per Unit (SAR) |
10.08 |
8.73 |
(13%) |
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