MEFIC REIT Fund posted a net profit of SAR 13 million (SAR 0.18 per unit) in H1 2023, a drop of 14% from SAR 15.1 million a year earlier.
Funds from operations (FFO) amounted to nearly SAR 1.3 million in the six-month period, a slump of 74% from SAR 4.8 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 31.79 | 31.76 | (0.1 %) |
| Funds from Operations(FFO) | 4.75 | 1.25 | (73.8 %) |
| Net Income | 15.08 | 12.98 | (13.9 %) |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.06 | 0.02 | (73.8 %) |
| EPS (Riyals) | 0.21 | 0.18 | (13.9 %) |
The sluggish performance was because the fund incurred finance charges of SAR 15.2 million during the first half of this year, compared to SAR 11.7 million in H1 2022.
The rental income was almost unchanged at SAR 31.8 million in H1 2023.
By contrast, other income stood at SAR 5.5 million in H1 2023, versus SAR 19.1 million in the prior-year period.
MEFIC REIT recorded a reversal impairment of investment properties of SAR 21.1 million in H1 2023, compared to SAR 16.3 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Total Assets | 1,042.33 | 1,031.85 | (1.0 %) |
| Total Debt | 451.88 | 446.52 | (1.2 %) |
| Net assets attributable to the Unitholders Item | 529.68 | 537.61 | 1.5 % |
| Market value of net assets | 575.25 | 597.56 | 3.9 % |
Net asset value (NAV) in H1 2023 stood at SAR 537.61 million, while net book value per unit reached SAR 7.34.
The market value of assets stood at SAR 597.55 million in H1 2023, with market value per unit at SAR 8.15.
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