Jadwa REIT Al Haramain Fund narrowed net losses to SAR 2.5 million (SAR -0.04 per unit) for the first half of 2023, from SAR 53.4 million a year earlier, Jadwa Investment, the fund manager, said in a statement to Tadawul.
Funds from operations (FFO) reached around SAR 5.8 million during the six-month period, against a negative FFO of SAR 4.5 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 0.91 | 17.89 | 1863.4 % |
| Funds from Operations(FFO) | (4.49) | 5.76 | 228.3 % |
| Net Income | (53.36) | (2.52) | 95.3 % |
| No of shares | 66.00 | 66.00 | - |
| Operating EPS (Riyals) | (0.07) | 0.09 | 228.3 % |
| EPS (Riyals) | (0.81) | (0.04) | 95.3 % |
The decline in losses in H1 2023 was driven by lower provision for impairment in real estate investments, higher revenues from real estate investments and recognizing higher dividends year-on-year.
This came despite the increase in financing costs and administrative expenses.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Total Assets | 743.92 | 749.34 | 0.7 % |
| Total Debt | 252.77 | 250.87 | (0.8 %) |
| Net assets attributable to the Unitholders Item | 485.90 | 488.23 | 0.5 % |
| Market value of net assets | 485.90 | 488.23 | 0.5 % |
Net asset value (NAV) stood at SAR 488.23 million by the end of H1 2023, while net book value per unit reached SAR 7.40.
The market value of assets stood at SAR 488.23 million as of June 30, 2023, with a market value per unit of SAR 7.40.
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