Musharaka REIT posts SAR 33.8 mln FFO, SAR 10.9 mln profit in 2022

30/03/2023 Argaam Exclusive

Musharaka REIT Fund reported a net profit of SAR 10.9 million (SAR 0.12 per unit) in 2022, down 64% from SAR 29.9 million (SAR 0.34 per unit) a year earlier. 

 

Funds from operations (FFO) dropped 28% to SAR 33.8 million in 2022, compared to SAR 47.3 million in the year before. 



Financials (M)

Item 2021 2022 Change‬
Rental Income 100.70 112.21 11.4 %
Funds from Operations(FFO) 59.18 45.43 (23.2 %)
Net Income 29.87 10.90 (63.5 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.67 0.52 (23.2 %)
EPS (Riyals) 0.34 0.12 (63.5 %)

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

 

The fund reported a SAR 8.4 million impairment loss of investment properties in 2022, compared to SAR 4.7 million a year earlier. 

 

It also recorded SAR 5.1 million provisions for expected credit losses, but wrote back SAR 116,000 provisions in 2021. On the other hand, the fund’s rental income jumped 13% year-on-year.  



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 51.44 56.03 8.9 %
Funds from Operations(FFO) 28.84 15.90 (44.9 %)
Net Income 15.09 (2.02) (113.4 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.33 0.18 (44.9 %)
EPS (Riyals) 0.17 (0.02) (113.4 %)

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 1,441.77 1,657.16 14.9 %
Total Debt 547.49 796.86 45.5 %
Net assets attributable to the Unitholders Item 858.77 816.87 (4.9 %)
Market value of net assets 947.84 895.37 (5.5 %)

Net asset value (NAV) stood at SAR 816.87 million, while the NAV per unit reached SAR 9.28.

 

The market value of assets reached SAR 959.17 million in 2022, while the per unit market value stood at SAR 10.9.

 

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Share Price

Musharaka REIT Fund
4.84
(0.03) (0.62 %)

Musharaka REIT Fund (MUSHARAKA REIT)

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Financial Ratios
Current
Number of Units (Million) 88.00
Net Income/Unit ( Riyal) (0.27 )
Funds from operations/Unit ( Riyal) 0.12
P/E (X) (TTM) NEG
Current Price/FFO (X) 40.53
Par Value ( Riyal) 10.00
Price/book 0.56
Asset Growth (%) (2.16 )
Revenue Growth (%) 0.7
Net Income Growth (%) (1596.90 )
Adjusted P/E (Last12) (X) Neg
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