Musharaka REIT posts SAR 46.6 mln FFO, SAR 36.1 mln profit in 2020

30/03/2021 Argaam Exclusive

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Musharaka REIT Fund reported a net profit of SAR 36.1 million (SAR 0.4 per unit) for 2020, down 10%, compared to SAR 40.1 million a year earlier, fund manager Musharaka Capital said in a bourse filing today, March 30, 2021.

Funds from operations (FFO) stood at SAR 46.6 million in 2020, falling 7%, compared to SAR 50 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Rental Income	106.27	103.57	(2.5 %)
Funds from Operations(FFO)	61.60	56.74	(7.9 %)
Net Income	40.09	36.08	(10.0 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.70	0.64	(7.9 %)
EPS (Riyals)	0.46	0.41	(10.0 %)

The lower profit was attributed to a 5% increase in operating expenses and 9% drop in other revenues.

Net asset value (NAV) stood at SAR 881,7 million, while the NAV per unit reached SAR 10.

The market value of assets reached SAR 904 million in 2020, while the per unit market value stood at SAR 10.3.

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	53.06	47.78	(10.0 %)
Funds from Operations(FFO)	26.89	22.05	(18.0 %)
Net Income	17.29	13.00	(24.8 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.31	0.25	(18.0 %)
EPS (Riyals)	0.20	0.15	(24.8 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	55.80	47.78	(14.4 %)
Funds from Operations(FFO)	34.69	22.05	(36.4 %)
Net Income	23.07	13.00	(43.6 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.39	0.25	(36.4 %)
EPS (Riyals)	0.26	0.15	(43.6 %)

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,273.89	1,354.14	6.3 %
Total Debt	337.36	450.59	33.6 %
Net assets attributable to the Unitholders Item	907.22	881.70	(2.8 %)
Market value of net assets	959.99	950.16	(1.0 %)

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