Riyad Capital announces the annual financial results for Riyad REIT for the period ending on 31-12-2017
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 20,066,427 | 9,887,199 | 102.95 |
| Earning or loss per share, Riyals | 0.4 | 0.2 | - |
| Gross profit (loss) | 38,521,974 | 23,668,833 | 62.75 |
| Operational profit (loss) | 28,409,516 | 15,063,079 | 88.6 |
| All figures are in Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | Net income has increased compared to the same period last year due to: - Stabilizing occupancies of properties acquired in 2016 . - 2017 revenues reflect full year operational revenues of properties acquired in 2016. -2017 revenues reflect partial operational revenues of properties acquired in 2017, where Riyad REIT acquired two properties in Q2: Vivienda (Mousa Bin Nusair), and The Residence (Hittin). |
| Other notes | Revenues for the year reached SAR 38.52 million compared to SAR 23.67 million last year showing an increase of about 63%. Given that two acquisitions were made during 2017, the financial statements for year end 2017 do not reflect full year of operational revenues. Net Assets at the end of the period SAR 488.97 million Total Expenses and Fees for the year SAR 10.11 million Funds From Operations (FFO) for the year SAR 28.41 million Net income for the year SAR 20.07 million Number of units available at year-end 50 million units Net assets based on fair valuation of investment and development properties of the period SAR 525.06 million Net Asset Value per unit SAR 10.50 Current Yield 5.7% The REITs development project (Ascott Corniche Al Khobar) is expected to open before the end of 2018 and is expected to further diversify the revenues in the future. Operationally, the REIT is comprised of 90 tenants, has achieved an overall occupancy of 94%, and has a weighted average remaining lease term on the portfolio of 7.3 years. The report can be found at Riyad Capital Website through: http://www.riyadcapital.com/ar/asset-management/public-funds/reits/ |
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