MEFIC REIT posts SAR 6.5 mln FFO, SAR 100.6 mln net loss in H1 2021

18/08/2021 Argaam Exclusive

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.



Financials (M)

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.



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.

Balance Sheet (Million)

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 %)

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Share Price

MEFIC REIT Fund
4.04
(0.03) (0.74 %)

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) 2,508.80
Par Value ( Riyal) 10.00
Price/book 0.58
Asset Growth (%) (3.36 )
Revenue Growth (%) 2.2
Net Income Growth (%) (298.25 )
Adjusted P/E (Last12) (X) Neg
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