Bonyan REIT Fund reported a net profit of SAR 43.6 million (SAR 0.27/unit) for the first half of 2023, down from SAR 70.6 million a year earlier, Saudi Fransi Capital, the fund manager, said in a bourse statement.
Funds from operations (FFO) reached SAR 64 million during the six-month period, a decline of 5% from SAR 67.5 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 121.47 | 135.08 | 11.2 % |
| Funds from Operations(FFO) | 67.53 | 64.03 | (5.2 %) |
| Net Income | 70.59 | 43.59 | (38.3 %) |
| No of shares | 162.88 | 162.88 | - |
| Operating EPS (Riyals) | 0.41 | 0.39 | (5.2 %) |
| EPS (Riyals) | 0.43 | 0.27 | (38.3 %) |
The fund manager noted a year-on-year (YoY) increase in financing cost to SAR 13.6 million, from SAR 5.9 million. In addition, the value of investment properties decreased to SAR 3.3 million in H1 2023, compared to SAR 26.6 million in the previous period.
Meanwhile, rental income increased by 6.2% YoY.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Total Assets | 1,923.45 | 1,857.47 | (3.4 %) |
| Total Debt | 389.41 | 340.85 | (12.5 %) |
| Net assets attributable to the Unitholders Item | 1,407.69 | 1,370.78 | (2.6 %) |
| Market value of net assets | 1,753.12 | 1,797.67 | 2.5 % |
Net asset value (NAV) stood at SAR 1.37 billion by the end of H1 2023, while net book value per unit reached SAR 8.42.
The market value of assets stood at SAR 1.79 billion as of June 30, 2023, with market value per unit at SAR 11.04.
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