Al Mashaar REIT posts SAR 4.7 mln FFO, SAR 6 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

Al Mashaar REIT reported net loss of SAR 6 mln (SAR 0.10/unit) for H1 2021, compared to SAR 12.9 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement today, Aug. 19, 2021.

 

Funds from operations (FFO) reached SAR 4.7 million during the six-month period, a drop of 21%, compared to SAR 6 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 19.21 6.77 (64.7 %)
Funds from Operations(FFO) 5.95 4.72 (20.6 %)
Net Income (12.88) (5.98) 53.6 %
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.10 0.08 (20.6 %)
EPS (Riyals) (0.22) (0.10) 53.6 %

The profit drop was driven by lower expenses and asset impairment.



Net asset value (NAV) stood at SAR 495.20 million, while the NAV per unit reached SAR 8.65 during the six-month period.

 

The market value of assets reached SAR 495.20 million, with per unit market value stood at SAR 8.65.

Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 549.72 658.89 19.9 %
Total Debt - 149.89 -
Net assets attributable to the Unitholders Item 549.07 495.20 (9.8 %)
Market value of net assets 549.07 495.23 (9.8 %)

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Share Price

SICO Saudi REIT Fund
3.98
(0.02) (0.50 %)

SICO Saudi REIT Fund (SICO SAUDI REIT)

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Financial Ratios
Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (1.85 )
Funds from operations/Unit ( Riyal) 0.06
P/E (X) (TTM) NEG
Current Price/FFO (X) 72.32
Par Value ( Riyal) 10.00
Price/book 0.89
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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