MEFIC REIT Fund reported a net loss of SAR 100.6 million for the first six months of 2021, from a loss of SAR 26.6 million in the similar period last year, fund manager MEFIC Capital said in a bourse statement.
Funds from operations (FFO) stood at SAR 6.5 million in H1 2021, compared to SAR 12.6 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 40.29 | 27.38 | (32.0 %) |
| Funds from Operations(FFO) | 12.56 | 6.54 | (47.9 %) |
| Net Income | (26.55) | (100.56) | (278.7 %) |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.17 | 0.09 | (47.9 %) |
| EPS (Riyals) | (0.36) | (1.37) | (278.7 %) |
The increase in losses is attributed to a 32% decline in rental income, SAR 89.7 million impairment loss on real estate investments, and SAR 6 million impairment of usufruct assets.
This was despite the decrease in the depreciation of real estate investments and expected credit losses of receivables.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 1,241.13 | 1,060.50 | (14.6 %) |
| Total Debt | 445.29 | 434.00 | (2.5 %) |
| Net assets attributable to the Unitholders Item | 709.38 | 558.16 | (21.3 %) |
| Market value of net assets | 725.00 | 577.82 | (20.3 %) |
Net asset value (NAV) stood at SAR 558.16 million (SAR 7.62/unit) by the end of June 30, 2021.
The market value of assets stood at SAR 558.16 million in H1 2021, with market value per unit as fair value at SAR 7.62.
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