Financial Results : Musharaka REIT Fund reports SAR 34.7M FFO, net profit of SAR 23.1M in H1 2020

Musharaka REIT Fund reports SAR 34.7M FFO, net profit of SAR 23.1M 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 34.7 million in H1 2020, compared to SAR 34.7 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 -
Earnings Per Share before unusual items (Riyals) 0.26 0.26 1.2 %
Operating EPS (Riyals) 0.39 0.39 (0.1 %)
EPS (Riyals) 0.26 0.26 1.2 %

The profit growth was buoyed by higher rental income and lower other operating expenses. This was despite recording higher finance costs and a provision of SAR 2 million for expected credit loss.



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.

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