The Saudi Economic and Development Company for Securities SEDCO Capital has released the reviewed preliminary financial statements of the SEDCO Capital REIT Fund for the period ending on June 30, 2021.

According to Arab Net, the financial statements showed that the fund achieved a net loss of about 6.92 million riyals at the end of the first half of 2021, compared to a net profit of about 1.78 million riyals at the end of the same period. From 2020.

The net assets at the end of the first half of this year amounted to about 512.72 million riyals, while the total expenses and fees amounted to about 43.09 million riyals.

The fund recorded 60 million existing units, and the return for the period was 6.1%.

The reason for recording a net loss for the period is mainly due to the recording of a provision for impairment in the Burj Al-Hayat building, and the reason for recording the provision is due to the termination of the lease contract based on the judgment of the court. During the period ending June 30, 2021.

It is worth noting that this provision represents unrealized book losses in the value of the asset.