MEFIC REIT Fund reported net losses of SAR 18.58 million (SAR 0.25/unit) for the nine-month period ending Sept. 30, 2020, versus a net profit of SAR 18.92 million in year-earlier period.
|
Fund’s Quarterly Financials |
|||
|
Item |
9M 2019 |
9M 2020 |
Change % |
|
Net Income (SAR mln) |
18.92 |
(18.58) |
-- |
|
Net income per unit (SAR) |
0.26 |
(0.25) |
-- |
The fund’s net profit declined to SAR 7.97 million (SAR 0.11/unit) for Q3 2020, compared to net profit of SAR 10.3 million in year-earlier period.
|
Fund’s Quarterly Financials |
|||
|
Item |
Q3 2019 |
Q3 2020 |
Change % |
|
Net Income (SAR mln) |
10.30 |
7.97 |
(23%) |
|
Net income per unit (SAR) |
0.14 |
0.11 |
(23%) |
Expenses to rental income increased from 10.39% to 15.71% over the nine months ending on Sept. 30, 2020.
|
Fund’s Interim Financials |
|||
|
Item |
9M 2019 |
9M 2020 |
Change % |
|
Rental Income |
15.00 % |
12.60 % |
(%2.4) |
|
Expenses/ Rental Income* |
10.39 % |
15.71 % |
(5.3%) |
|
Expenses/ Total Assets* |
0.40 % |
0.80 % |
(%0.4) |
|
Debt/ Total Assets |
24 % |
28 % |
(%4) |
*Expenses inclusive of operating expenses + fees
Fund’s Assets, Occupancy Rate in Sep. 2020
|
Item |
9M 2019 |
9M 2020 |
Change% |
|
Net Asset Value (NAV) |
762.5 |
717.3 |
(6%) |
|
NAV/ unit |
10.41 |
9.79 |
(6%) |
|
Net Assets Attributable to Unit holders |
1194.8 |
1070.1 |
(10%) |
|
Market Value of Net Assets |
1211.3 |
1092.0 |
(10%) |
|
Occupancy Rate |
89% |
89% |
-- |
|
Number of Properties |
8 |
7 |
(1) |
The fund has not yet determined the cash dividend payment for this period, as it usually pays dividend on a semi-annual basis.
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