Musharaka REIT records SAR 5.8M operating loss, SAR 8.4M net loss in 2023

31/03/2024 Argaam Exclusive

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Musharaka REIT Fund reported a net loss of SAR 8.4 million (-SAR 0.09 per unit) for 2023, compared with profits of SAR 10.9 million (SAR 0.12 a unit) for 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	112.21	106.68	(4.9 %)
Funds from Operations(FFO)	45.43	5.37	(88.2 %)
Net Income	10.90	(8.35)	(176.6 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.52	0.06	(88.2 %)
EPS (Riyals)	0.12	(0.09)	(176.6 %)

Operating loss (OL) reached nearly SAR 5.8 million during the same year, compared to funds from operations worth SAR 33.8 million in 2022.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	56.03	54.52	(2.7 %)
Funds from Operations(FFO)	15.90	5.25	(67.0 %)
Net Income	(2.02)	(8.98)	(344.3 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.18	0.06	(67.0 %)
EPS (Riyals)	(0.02)	(0.10)	(344.3 %)

Item	H1 2023	H2 2023	Change‬
Rental Income	52.17	54.52	4.5 %
Funds from Operations(FFO)	0.11	5.25	4549.6 %
Net Income	0.63	(8.98)	(1515.3 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.00	0.06	4549.6 %
EPS (Riyals)	0.01	(0.10)	(1515.3 %)

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,657.16	1,633.95	(1.4 %)
Total Debt	796.86	794.31	(0.3 %)
Net assets attributable to the Unitholders Item	816.87	784.76	(3.9 %)
Market value of net assets	895.37	833.82	(6.9 %)

The loss-making was due to the decline in rental income by 5% year-on-year (YoY) to SAR 95.5 million for 2023, with financing costs also up at SAR 57.2 million by year-end. This is in addition to the increase in fund management fees and other operating expenses.

Net asset value (NAV) stood at SAR 784.76 million as of Dec. 31, 2023, while net book value per unit reached SAR 8.92.

The market value of assets stood at SAR 833.82 million as of Dec. 31, 2023, with a market value per unit at SAR 9.48.

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