Swicorp Wabel REIT Fund posted a net profit of SAR 11.3 million (SAR 0.10 per unit) for the third quarter of 2020, compared to a profit of SAR 8.3 million for the same period last year.

 

Funds from operations (FFO) reached SAR 11.5 million during the three-month period, compared to SAR 8.3 million in the year-earlier period.

 

Income Statement (SAR mln)

Item

Q3 2019

Q31 2020

Change (%)

Rental Income*

23.0

*19.1

(29)

Operating expenses

(9.3)

(7.6)

19

Funds from Operations (FFO)

17.6

11.50

(35)

Net profit

8.3

11.3

+36

Number of units (mln)

118.00

118.0

--

Operating EPS (SAR)

0.15

0.10

(35)

EPS (SAR)

0.07

0.10

+36

* Includes revenue of advertising and media contracts worth SAR 3 million for each financial period

 

The profit increase is attributed to impairment reversal worth SAR 7.2 million.

 

Depreciation and amortization expenses stood at SAR 7.4 million, compared to SAR 9.3 million for the same quarter last year.

 

However, the fund did not register any doubtful debts provision for Q3 2020.

 

Balance Sheet (SAR mln)

Item

September 2019

September 2020

Change (%)

Assets

1153.3

1003.2

(13)

Liabilities

23.8

34.2

(44)

Net Assets for Unit Holders

1129.5

969.1

(14)

Net Asset per Unit

9.57

8.21

(14)

 

Swicorp Wabel REIT Factsheet – Q3 2020

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