Musharaka REIT reports FFO at SAR 5.3M, loss at SAR 14.6M in H1 2024

11/08/2024 Argaam Exclusive

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Musharaka REIT Fund turned to a loss of SAR 14.6 million for the first half of 2024, from a profit of SAR 635,000 a year earlier, Musharaka Capital, the fund manager, said in a statement to Tadawul.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	52.17	54.40	4.3 %
Funds from Operations(FFO)	0.11	5.25	4549.6 %
Net Income	0.63	(14.56)	(2393.1 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.00	0.06	4549.6 %
EPS (Riyals)	0.01	(0.17)	(2393.1 %)

Funds from operations (FFO) reached SAR 5.3 million during the six-month period, from SAR 113,000 in H1 2023.

The fund attributed the loss to impairment losses on investment properties amounted to SAR 5.9 million, compared to profits of SAR 15 million last year, not to mention higher financing charges and 3% lower financing revenue to SAR 5.4 million.

This was offset by a SAR 1.9 million provision for expected credit losses, 5.2% increase in rental income, and lower fund management fees.

The fund also cited a jump in financing income on short-term Murabaha deposits of SAR 1.1 million in H1 2034 from SAR 628,000 a year earlier.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,641.40	1,605.99	(2.2 %)
Total Debt	794.87	789.62	(0.7 %)
Net assets attributable to the Unitholders Item	799.90	761.40	(4.8 %)
Market value of net assets	904.03	830.29	(8.2 %)

Net asset value (NAV) stood at SAR 767.25 million by the end of H1 2024, while net book value per unit reached SAR 8.72.

The market value of assets stood at SAR 830.291 million as of June 30, 2023, with a market value per unit of SAR 9.44.

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