Financial Results : Musharaka REIT posts SAR 59.2M FFO, SAR 29.9M profit in 2021

Musharaka REIT posts SAR 59.2M FFO, SAR 29.9M profit in 2021

30/03/2022 Argaam Exclusive

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Musharaka REIT Fund reported a net profit of SAR 29.9 million (SAR 0.34 per unit) in 2021, compared to SAR 36.1 million (SAR 0.41 per unit) a year earlier.

 

Funds from operations (FFO) stood at SAR 59.2 million in 2021, compared to SAR 56.7 million in the year before.



Financials (M)

Item 2020 2021 Change‬
Rental Income 103.57 100.70 (2.8 %)
Funds from Operations(FFO) 56.74 59.18 4.3 %
Net Income 36.08 29.87 (17.2 %)
No of shares 88.00 88.00 -
Earnings Per Share before unusual items (Riyals) 0.41 0.34 (17.2 %)
Operating EPS (Riyals) 0.64 0.67 4.3 %
EPS (Riyals) 0.41 0.34 (17.2 %)

Lower profit was attributed to a drop in rental income, a SAR 4.7 million decline in the value of investment properties, paired with SAR 2 million in Zakat provisions.

 

This was despite recording high financing income, along with witnessing a reversal in credit loss provisions amounting to SAR 116,000 in 2021, compared to a provision of SAR 7.7 million in the year before.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 47.78 51.44 7.7 %
Funds from Operations(FFO) 22.05 28.84 30.8 %
Net Income 13.00 15.09 16.0 %
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.25 0.33 30.8 %
EPS (Riyals) 0.15 0.17 16.0 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,354.14 1,441.77 6.5 %
Total Debt 450.59 547.49 21.5 %
Net assets attributable to the Unitholders Item 881.70 858.77 (2.6 %)
Market value of net assets 950.16 947.84 (0.2 %)

Net asset value (NAV) stood at SAR 858.77 million, while the NAV per unit reached SAR 9.76.

 

The market value of assets reached SAR 947.8 million in 2021, while the per unit market value stood at SAR 10.77.

 

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