Riyad Capital okays 2.5% cash dividend

Riyadh, Saudi Arabia — Riyad Capital said Wednesday that it will distribute 2.5 percent cash dividend, or SAR 0.25 per unit, to Riyad REIT Fund’s unitholders for H1 2023. 

The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.

Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.

Riyad REIT Fund reported a net profit of SAR 34.9 million (SAR 0.20 per unit) in H1 2023, down 43 percent from SAR 61.1 million a year earlier. 

Funds from operations (FFO) dropped 34 percent to SAR 50.6 million in H1 2023, compared to SAR 76.6 million in the year before. 

The lower profit was attributed to a rise in the cost of finance as well as an increase in other operating expenses.  

Meanwhile, rental income increased to SAR 119.7 million in the current period, from SAR 99.9 million in the same period last year. However, this was offset by a decrease in profit achieved from investments at fair value.