MEFIC REIT posts SAR 22.4 mln FFO, SAR 26.6 mln net loss in H1 2020

25/08/2020 Argaam Exclusive

MEFIC REIT Fund posted a net loss of SAR 26.6 million for H1 2020, against a net profit of SAR 8.6 million a year earlier, MEFIC Capital, the fund manager, said in a bourse statement.

 

The losses were attributed to an 8% year-on-year (YoY) drop in lease revenues, increased provision for real estate investments impairment, and SAR 4.9 million losses from the disposal of investment real estate.

 

Funds from operations (FFO) stood at SAR 22.4 million in H1 2020, falling from SAR 30.4 million in H1 2019.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 43.67 40.29 (7.7 %)
Funds from Operations(FFO) 22.95 12.56 (45.3 %)
Net Income 8.62 (26.55) (408.1 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.31 0.17 (45.3 %)
EPS (Riyals) 0.12 (0.36) (408.1 %)


Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,245.86 1,241.13 (0.4 %)
Total Debt 302.32 445.29 47.3 %
Net assets attributable to the Unitholders Item 762.46 709.38 (7.0 %)
Market value of net assets 767.29 725.00 (5.5 %)

Total net asset value (NAV) came in at SAR 709.38 million, while NAV per unit reached SAR 9.68.

 

Total expenses and fees reached SAR 7.73 million for the six-month period.

 

The number of issued units hit SAR 73.2 million.

 

The first-half return reached -3.74%.

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Share Price

MEFIC REIT Fund
4.07
(0.01) (0.25 %)

MEFIC REIT Fund (MEFIC REIT)

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Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) (0.31 )
Funds from operations/Unit ( Riyal) 0.00
P/E (X) (TTM) NEG
Current Price/FFO (X) 2,527.43
Par Value ( Riyal) 10.00
Price/book 0.59
Asset Growth (%) (3.36 )
Revenue Growth (%) 2.2
Net Income Growth (%) (298.25 )
Adjusted P/E (Last12) (X) Neg
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