Financial Results : Musharaka REIT’s H1 2022 FFO down 3% to SAR 29.5M, net profit drops to SAR 12.9M

Musharaka REIT’s H1 2022 FFO down 3% to SAR 29.5M, net profit drops to SAR 12.9M

25/08/2022 Argaam Exclusive

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Musharaka REIT Fund's  H1 2022 net profit fell to SAR 12.9 million (SAR 0.15 per unit), from SAR 14.8 million a year earlier.

 

Funds from operations (FFO) declined 3% to SAR 29.5 million in the six-month period, from SAR 30.3 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 49.26 56.18 14.1 %
Funds from Operations(FFO) 30.34 29.53 (2.7 %)
Net Income 14.78 12.92 (12.6 %)
No of shares 88.00 88.00 -
Earnings Per Share before unusual items (Riyals) 0.17 0.15 (12.6 %)
Operating EPS (Riyals) 0.34 0.34 (2.7 %)
EPS (Riyals) 0.17 0.15 (12.6 %)

The profit fall was attributed to an increase in depreciation provision to SAR 13.4 million, from SAR 11.3 million in H1 2021.

 

Allowance for expected credit losses stood at SAR 1.06 million. Further, operating expenses and finance costs rose, despite a 14% jump year-on-year (YoY) in rental income and a lower provision for impairment loss on investment properties.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,347.91 1,689.22 25.3 %
Total Debt 453.92 790.95 74.2 %
Net assets attributable to the Unitholders Item 870.08 845.29 (2.8 %)
Market value of net assets 952.99 953.35 0.0 %

Net asset value (NAV) stood at SAR 845.29 million by the end of H1 2022, while NAV per unit reached SAR 9.61

 

The market value of assets stood at SAR 953.35 million as of June 30, 2022, with a market value per unit at SAR 10.83.

 

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