Musharaka REIT’s H1 2022 FFO down 3% to SAR 23.7 mln, net profit drops to SAR 12.9 mln

25/08/2022 Argaam Exclusive

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Musharaka REIT Fund reported a drop of 13% in H1 2022 net profit 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 23.7 million in the six-month period, from SAR 24.4 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	-
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 to SAR 13.4 million, from SAR 11.3 million in H1 2022.

Allowance for expected credit losses stood at SAR 1.06 million. Further, operating expenses and finance costs rose, despite a 16% 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 net book value per unit reached SAR 9.61

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