Jadwa REIT Al Haramain says H1 2021 net income excludes dividends from underlying investment funds

Logo of Jadwa REIT Al Haramain Fund

Jadwa REIT Al Haramain Fund’s net income and funds from operations (FFO) for the period ended June 30, 2021, do not include dividends from other underlying investment funds, in which the fund invested.

The underlying funds usually distribute dividends after the end of the period, but these dividends are not reflected in the interim financial statements of Jadwa REIT Al Haramain Fund, fund manager Jadwa Investment said in a bourse statement.

Jadwa Investment expected that the fund’s FFO to increase after the dividend distribution by the underlying investment funds, the statement added.

Jadwa REIT Al Haramain Fund trimmed net losses to SAR 9 million (SAR -0.14 per unit) for H1 2021, compared to SAR 68.1 million for the same period last year, Argaam reported.

FFO stood at SAR 3.4 million in H1 2021, compared to a loss of SAR 1.6 million in the year-earlier period.