Financial Results : Musharaka REIT posts SAR 40 mln profit in FY2019

Musharaka REIT posts SAR 40 mln profit in FY2019

29/03/2020 Argaam Exclusive

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Musharaka REIT posted a net profit of SAR 40.08 million for the fiscal year 2019 as compared to SAR 54.84 million a year earlier, according to a bourse statement on Sunday.



Financials (M)

Item 2018 2019 Change‬
Rental Income 124.12 106.27 (14.4 %)
Funds from Operations(FFO) 93.89 61.60 (34.4 %)
Net Income 54.87 40.09 (26.9 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 1.07 0.70 (34.4 %)
EPS (Riyals) 0.62 0.46 (26.9 %)

Net asset value (NAV) stood at SAR 907.22 million, while net book value per unit hit SAR 10.31.

 

The full-year expenses and fees reached SAR 29.96 million.

 

The number of issued units totaled 88 million and net return per unit reached 7% in FY2019.

 

Total income for FY2019 for the fund reached SAR 65.37 million.



Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬
Rental Income 57.87 53.06 (8.3 %)
Funds from Operations(FFO) 38.41 26.89 (30.0 %)
Net Income 12.41 17.29 39.3 %
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.44 0.31 (30.0 %)
EPS (Riyals) 0.14 0.20 39.3 %

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets 1,057.67 1,273.89 20.4 %
Total Debt 159.79 337.36 111.1 %
Net assets attributable to the Unitholders Item 848.63 907.22 6.9 %
Market value of net assets 852.32 959.99 12.6 %


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 66.25 - 55.49 - 42.46 -
H2 2018 57.87 - 38.41 - 12.41 -
H1 2019 53.22 (19.7 %) 34.71 (37.4 %) 22.80 (46.3 %)
H2 2019 53.06 (8.3 %) 26.89 (30.0 %) 17.29 39.3 %
2019 106.27 (14.4 %) 61.60 (34.4 %) 40.09 (26.9 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 1,072.49 - 160.73 - 891.66 - 872.44 -
H2 2018 1,057.67 - 159.79 - 848.63 - 852.32 -
H1 2019 1,362.32 27.0 % 424.62 164.2 % 889.94 (0.2 %) 842.05 (3.5 %)
H2 2019 1,273.89 20.4 % 337.36 111.1 % 907.22 6.9 % 959.99 12.6 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2010 - -
Q4 2010 - -
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 13.36 7.81
Q2 2019 20.32 9.79
Q4 2019 20.83 13.56

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.63 0.48 10.13 9.91
H2 2018 0.44 0.14 9.64 9.69
H1 2019 0.39 0.26 10.11 9.57
H2 2019 0.31 0.20 10.31 10.91


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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Share Price

Musharaka REIT Fund
4.84
(0.03) (0.62 %)

Musharaka REIT Fund (MUSHARAKA REIT)

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