Riyad REIT reports SR61 mln net profits in H1‎

Riyad Capital announces that the interim financial statements of Riyad REIT for the period ending on 30/6/2022 are available to the public. The following is the summary of the interim financial results of the period:

Net Assets: 1,938,437,728 SAR

Total Expenses and Fees: 76,485,143 SAR

Net Profit: 61,086,830 SAR

Number of the Outstanding Units: 171,697,101

Net Unit Value for Unit: 11.29 SAR

Revenue of the period: 4.46 %

Additional Information:

Total Revenue for the period is SAR 153,053,851

Funds from Operations for the period is SAR 76,568,708

A 20% growth in Fund total asset from SAR 2.55 Billion in H1 2021 reaching SAR 3.05 Billion in H1 2022

An increase in Funds from Operations by 64% reaching SAR 76.57m (H1 2021: SAR 46.59m) due to the following reasons:

– An increase in the operational and rental income by 20% reaching SAR 56.04m (2021: SAR 46.59m) as a result of the renewal of some lease contracts with an escalation in the annual rent value, in addition to continuing to expand the fund’s real estate portfolio through new acquisitions and investments.

– In addition, the fund achieved an additional profit of 20.53m Saudi riyals as a result of exiting a real estate investment in the United States of America