Derayah REIT Fund posted a net profit of SAR 27.31 million (SAR 0.25 per unit) in the first half of 2022, a slight increase from SAR 27.29 million a year earlier.
Funds from operations (FFO) stood at SAR 37.76 million in the six-month period, a drop of 18% from SAR 45.9 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 65.13 | 62.29 | (4.4 %) |
| Funds from Operations(FFO) | 45.99 | 37.76 | (17.9 %) |
| Net Income | 27.29 | 27.31 | 0.0 % |
| No of shares | 107.51 | 107.51 | - |
| Operating EPS (Riyals) | 0.43 | 0.35 | (17.9 %) |
| EPS (Riyals) | 0.25 | 0.25 | 0.0 % |
The profit increase was driven by recording a SAR 2.69 million reversal in provision for impairment in real estate investments against a provision of SAR 5.62 million for impairment in real estate investments.
The higher profit came despite an increase in finance costs and a 4% decline YoY in rental income.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,711.90 | 1,688.66 | (1.4 %) |
| Total Debt | 747.98 | 747.98 | - |
| Net assets attributable to the Unitholders Item | 930.54 | 898.71 | (3.4 %) |
| Market value of net assets | 932.87 | 898.91 | (3.6 %) |
Net asset value (NAV) stood at SAR 898.71 million by the end of H1 2022, while net book value per unit reached SAR 8.36.
The market value of assets stood at SAR 898.91 million as of June 30, 2022, with market value per unit at SAR 8.36.
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