Announcement by Riyad Capital that Riyad REIT Fund's annual reports, including the annual audited financial statements, for the period ended on ( 31-12-2022 ) are available to the public
| Element List | Explanation |
|---|---|
| Introduction | Riyad Capital announces that Riyad REIT Fund's annual report, including the annual audited financial statements, for the period ended on (31/12/2022) are available to the public. |
| Net Assets | 1,947,684,790 SAR |
| Total Expenses and Fees | 182,270,526 SAR |
| Net Profit/(Loss) | 88,927,084 SAR |
| Number of the Outstanding Units | 171,697,101 |
| Net Unit Value for Unit | 11.34 SAR |
| Revenue of the period % | 6.16 % |
| Fund’s Annual Report |  |
| Additional Information | " |
Total Income for the period is SAR 302,161,365, an increase of 13% from last year
Funds from Operations (FFO) for the period SAR 119,890,839
An increase in Funds from Operations by 27% due to the following reasons:
- Increase in operational income related to the hospitality sector, due to the official opening of JW Marriott Hotel and the demand on Riyad Season and holding exhibitions conferences which contributed to the recovery of tourism activity in the city of Riyadh and the Kingdom in general.
- An increase in rental income as a result of the realized annual rent from Saudi Tourism Authority Headquarter in Riyadh as well as the renewal of some lease contracts with an escalation in the annual rent value and increase in rented area
- The fund achieved a capital gain of SAR 20,532,353 as a result of exiting a real estate investment in the United States of America
This comes despite the many challenges that the fund has faced, specifically the increase in financing expenses as a result of the increase in interest rates where the additional financing costs reached SAR 22,093,685 for the year 2022."
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.