Musharaka REIT Fund reports SAR 30 mln FFO, net profit of SAR 23.1 mln in H1 2020

18/08/2020 Argaam Exclusive

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Musharaka REIT Fund reported a net profit of SAR 23.1 million (SAR 0.26/unit) during the first half of 2020, compared to SAR 22.8 million in the year-earlier period, according to a bourse filing by Musharaka Capital, fund manager, on Tuesday.

Funds from operations (FFO) stood at SAR 30 million in H1 2020, compared to SAR 29 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	53.22	55.80	4.8 %
Funds from Operations(FFO)	34.71	34.69	(0.1 %)
Net Income	22.80	23.07	1.2 %
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.39	0.39	(0.1 %)
EPS (Riyals)	0.26	0.26	1.2 %

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	1,362.32	1,337.70	(1.8 %)
Total Debt	424.62	402.14	(5.3 %)
Net assets attributable to the Unitholders Item	889.94	899.50	1.1 %
Market value of net assets	842.05	965.18	14.6 %

Net asset value (NAV) stood at SAR 899.5 million, while the NAV per unit reached SAR 10.22 during the six-month period.

The market value of assets reached SAR 977.19 million in H1 2020, while the per unit market value stood at SAR 11.10.

The number of issued units totaled 88 million, with a yield of 3.5%.

Total expenses and fees for the period stood at SAR 18.3 million.

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